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construction of accessory structures, etc.), following issuance of the building permit, shall not exceed the following time limits listed in Table 2: TABLE 2—All Other Construction Projects Estimated Value of Project ($) Construction Time Limit $0 to $100,000 12 months $100,001 to $250,000 18 months $250,001 to $500,000 24 months $500,001 and over 30 months The Construction Time Limit period shall commence on the date the building permit is issued. The time limits stated in Tables 1 and 2 are the maximum time limits allowed and lesser time periods may be allocated to a project depending on the status of previously issued building permits or code enforcement actions. Every building permit issued by the Town under the provisions of the building code shall expire and automatically become null and void upon reaching the construction time limit unless a time extension is granted under Section 10-1.05. Said time extension shall be granted prior to the expiration of the building permit. 10-1.05 Extension of Construction Time Limit. In the event a project has not passed a final inspection in the allotted time period as prescribed by Table 1 or Table 2 under Section 10-1.04,the applicant/owner may be entitled to up to two (2), six-month extensions to complete the work. An application for an extension of the construction time limit shall be submitted at least 14 days prior to the expiration of the time limit period and shall be accompanied by a written explanation of the reasons for the requested extension and a fee, as established by City Council resolution. If the Building Official, upon review of the application, grants an extension,the additional six-month extension period shall start from the date of the original time limit expiration or the most recent extension expiration date. A Construction Completion Deposit shall be required pursuant to Section 10-1.06 prior to the granting of the time extension. Time limits shall not be increased through the issuance of subsequent building permits for the same project or for modifications to the original permit unless authorized by the City Council. 10-1.06 Construction Completion Deposit. Upon reaching the construction time limit set pursuant to Section 10-1.04, if a final certificate of occupancy has not been issued or final building inspection made,the Ordinance 555 Page 3