Any builder or developer who undertakes a project in the city consisting of the improvement,
development or redevelopment of real property for sale, and who intends to undertake
only that project during its lifetime, shall annually procure a license in the manner
set forth in this chapter, but shall not be required to pay any license tax until
the project is completed and gross receipts from the sale of the improved, developed
or redeveloped property are received; provided, that the builder or developer (i)
prior to commencing the project deposits with the director a bond in favor of the
city as obligee which insures the proper filing of records and payment of taxes, in
such form and amount and with such surety as shall be acceptable to the director,
and (ii) at such times as directed by the director, provides the director with the
necessary records to establish the gross receipts from the project. (Ord. No. 3834,
11/18/95, Sec. 2)
