1507.15 DEMOLITION ESCROW.

   (a)   The Owner of a residential, commercial, or industrial building on Vacant Property which is slated to be demolished pursuant to the Vacant Property Plan shall place in escrow with the City a deposit of twenty five thousand dollars ($25,000.00)for a building under 5,000 square feet in size, or seventy five thousand dollars ($75,000.00) for a building 5,000 square feet or more, unless a fire escrow is being administered by the City of Hamilton’s Fire Division, in which case the Owner shall comply with all requirements and orders of that Division.

   (b)   If the amount to be placed in escrow under this section cannot be paid in full, the City shall place a lien on the property for the amount specified. The City shall use escrowed funds to complete the plans submitted by the Owner in the event the Owner does not comply with the Vacant Property Plan. Escrowed funds may, by prior arrangement, be withdrawn during construction as follows: twenty percent (20%) upon commencement of work; twenty percent (20%) upon completion of half of all work; and the remaining sixty percent (60%) upon completion of all work, including debris disposal, backfill and seeding. Unused escrow funds will be released upon completion of the work or transfer of ownership, provided that all fees have been paid in full. New owners must sign the Vacant Property Plan and accept responsibility in writing for completing the demolition.

(Ord. 2021-4-24. Passed 4-14-21.)