A. Deposit Required: If a developer requests permission to construct public utilities on private property for a townhouse, condominium or apartment development or any other nonresidential land development, prior to the commencement of such construction, there shall be deposited with the city an escrow deposit equal to one and one-half (11/2) times the estimated engineering and associated professional costs expected to be incurred by the city with respect to said development.
B. Return of Deposit:
1. If development costs, including engineering and professional costs, are assessed against benefited properties in such development (whether requested by the developer or not), such escrow deposit shall be returned to the developer, without interest, upon adoption by the city of a resolution providing for the levying of such special assessment.
2. If such development improvements are not commenced within two (2) years after the date of completion of such engineering feasibility study, the developer shall have no further interest therein, and may request final disposition as follows:
a. If the actual engineering costs are less than the escrow deposit, the remainder of the escrow, without interest, shall be returned to the developer.
b. If the actual engineering costs are greater than said escrow deposits, the developer shall be billed for the unpaid balance. (1981 Code 1508 § 3)