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property owner or his or her representative shall deliver to the Building Department a refundable construction completion deposit(in cash or other security instrument acceptable to the Town and valid for a minimum period of two years) in an amount equal to the lesser of 10% of the estimated cost to complete the project, as determined by the Building Official, or $50,000.00. The deposit shall be retained until the final inspection is completed. Should penalties accrue due to failure to complete the project within the time limits granted, said penalties may be deducted from the construction completion deposit. If a building permit issued prior to the date of adoption of the construction time limit ordinance expires, the property owner or his or her representative shall deliver to the Building Department a construction completion deposit prior to the issuance of a new building permit for that project. 10-1.07 Appeals. Any party aggrieved by the determination of the Building Official regarding the applicable time limit or by the denial of an additional six-month extension, may appeal the Building Official's determination in writing to the Planning Director within ten days of the Building Official's decision. Upon making a determination on the appeal, the Planning Director shall notify the appellant in writing within 14 days of the filing of the appeal. If the appellant feels aggrieved by the determination of the Planning Director,then the appellant may appeal the decision to the Planning Commission. If the appellant feels aggrieved by the determination of the Planning Commission, then the appellant may appeal the decision to the City Council. The appellant shall pay a hearing appeal fee at the time of filing an appeal in an amount as shall be established from time to time by resolution of the City Council. The Planning Director shall notify the appellant in writing of the date of the hearing on the appeal, and such notice shall be sent at least ten days before the date of the hearing, which shall be held no later than thirty days after the filing of the appeal. 10-1.08 Penalty for Failure to Comply with Construction Time Limits. a) If an applicant/owner fails to complete construction by the applicable time limits set forth in this chapter, including any extensions granted under Section 10-1.05, the property owner shall be subject to the following penalties payable to the city which shall accrue daily up to the maximum established by this section: Time from Permit Expiration Penalty 0 to 30 days $0.00 31St day through the 60t day $400.00 per day 61St day through the 1201 day $600.00 per day 121St day and every day thereafter $1,000.00 per day up to a maximum penalty of$250,000.00 Ordinance 555 Page 4