A. As an alternate method of financial assurance, the subdivider shall set up a property escrow account with a title insurance escrow company. The subdivider shall submit for approval to the city, an agreement between the title insurance escrow company and himself or herself, guaranteeing that the property shall be held in an escrow account until released by the city. An appraisal, prepared by an appraiser licensed by the Arizona Board of Appraisal as a certified general appraiser, of the property to be included in the property escrow account shall be submitted with the property escrow agreement. The appraisal shall show sufficient unencumbered value in the property to support the amount of the engineer's estimate and that the value of the property is a minimum of 25% greater than the engineer's estimate. The property escrow agreement shall be approved as to form by the City Attorney before it is submitted to the city for approval.
B. No lots shall be offered for sale until the required improvements affecting such property have been completed and the City has released such property for sale. The City Engineer shall review the improvements and produce a report recommending whether or not the lots should be released for sale. Partial reductions and releases shall not be permitted for this type of assurance.
C. Any of the assurances listed in § 13.20.050(D) of this chapter may be substituted and the property escrow agreement released with the approval of the city.
(Ord. 08-930, passed 7-22-2008; Ord. 08-913, passed 3-11-2008)