1107.07 PERFORMANCE GUARANTEE.

   (a)   Prior to the authorization of any land clearing, grading, or construction, the applicant shall establish a performance guarantee as required by the Director of Engineering, Utilities, and Inspection. The guarantee shall be a performance bond, cash escrow, certified check or other acceptable form of performance security in an amount sufficient to ensure the execution of the proposed plat, plans, and improvements. The amount of the guarantee shall be not less than one hundred percent (100%) of the Director of Engineering, Utilities, and Inspection's estimate of the cost of construction of the storm and sanitary sewers, water system, roads, street trees, sidewalks, street lighting systems and facilities and appurtenances thereto, and all other required improvements of the subdivision.

   (b)   After determination by the Director of Engineering, Utilities, and Inspection that all facilities and improvements have been constructed in compliance with the approved agreements and plans, and subsequent to establishment of required maintenance guarantees, the performance guarantee shall be released.
(Ord. 2004-013. Passed 3-22-04.)