For corrective actions the city may issue a temporary certificate of occupancy if the buyer, seller or other responsible person has:
(A) Executed an agreement with the city to complete the correction actions in a timely manner; and
(B) Deposited with the city a cash escrow, bond, letter of credit, proof of construction loan or similar financial guarantee equivalent to 110% of the estimated cost of corrections.
(1) If escrowed items contain immediate hazardous items, the temporary certificate of occupancy will be withheld from the new property owner until these items are satisfactorily completed and inspected by the Code Official; until that time the building may not be occupied.
(2) Once the correction items have been completed and are in compliance with the Property Maintenance Code as approved by the Code Official, a new certificate of occupancy can be issued replacing the temporary certificate.
(Ord. 1559, passed 11-24-08) Penalty, see § 5B.601