A. Upon reaching the time limits set out in Section 15.40.180, if construction has not been completed, if no final inspection has been made or a certificate of occupancy issued, the property owner or his representative shall deliver to the building department a refundable deposit (in cash or a certificate of deposit or in the form of a payment penalty bond) in the amount of thirty thousand dollars. Any bond shall be in the amount of the deposit and in form and contents satisfactory to the town and shall cover a minimum time period of two years.

B. If no deposit is made as provided in subsection A of this section, the building official shall issue a stop work order.

C. If a property owner fails to complete construction by the applicable time limit, the applicable penalties shall accrue daily up to the maximum set out in Section 15.40.190.

D. On or before the one hundred twentieth day that the project has remained incomplete, no final inspection has been made and no certificate of occupancy issued, the property owner or his representative shall deliver to the building department a refundable deposit (in cash or in the form of a certificate of deposit or a payment penalty bond) in the amount of two hundred twenty thousand dollars. Any bond shall be in the amount of the deposit and in form and contents satisfactory to the town which shall cover a minimum time period of two years.

E. If no deposit is made as provided in subsection D of this section, the building official shall issue a stop work order.

F. If the owner believes that the failure to meet the applicable time limit was caused by circumstances beyond the owner’s control, the owner may file a written statement to that effect with the building official at the time of making the deposit as described in subsections A and/or D of this section and provide any documentation substantiating such grounds of appeal and the effect on the construction. If the owner makes such filing, no part of the deposit shall be forfeited to the town and no demand shall be made against the bond if construction is completed within thirty days of the deposit. If construction is completed after the thirty days and the building official concurs with the owner’s statement as to the cause of the failure to meet the deadline, the building official shall waive the penalty and return the cash deposit, certificate of deposit, or bond to the owner. If the building official does not concur with the owner’s statement, it shall be treated as an appeal under Section 15.40.210 and all the provisions of that section shall apply.

G. If construction is completed after the applicable time limit, and the building official does not concur with the owner’s statement, the town shall draw on the deposit, certificate of deposit, or bond in the amount of the applicable penalties; provided, however, that in the event of an appeal, the town shall not draw on the deposit, certificate of deposit, or bond until the planning commission and, if applicable, the city council has rendered its decision as set forth in Section 15.40.210(A).

H. After construction is completed and all applicable fines received by the town, any remaining deposit shall be refunded or the certificate of deposit or bond shall be returned. (Ord. 566 § 2 (part), 2006)