As a condition precedent to the issuance of any permit for construction or demolition for a Covered Project, the Applicant shall post a deposit (cash, letter of credit, performance or surety bond, money order) in the amount of fifty dollars ($50.00) for each estimated one hundred (100) square feet of project size or any part thereof, but not less than one thousand dollars ($1,000.00) or more than one hundred thousand dollars ($100,000.00). The deposit shall be returned, without interest, in total or prorated, upon proof of satisfaction by the WMP Compliance Official that no less than the required percentage of construction and demolition waste tonnage generated by the Covered Project has been diverted from disposal and has been recycled or reused or stored for later reuse or recycling. If a lesser percentage of construction and demolition waste tonnage than required is diverted, a proportionate share of the deposit shall be returned. The deposit shall be forfeited entirely or to the prorated extent that there is a failure to comply with the requirements of this Chapter. The City may, by formal resolution, modify the amount of the required deposit.