1314.15 BOND.

   (a)   If a Comprehensive Stonnwater Management Plan is required by this regulation, soil-disturbing activities shall not be permitted until a cash bond of 5% of the total project cost, has been deposited with the City Finance Department. This bond shall be posted for the City to perform the obligations otherwise to be performed by the owner of the development area as stated in this regulation and to allow all work to be performed as needed in the event that the owner fails to comply with the provisions of this regulation. The stormwater bond will be returned, less City fees as detailed in Chapter 1314 of the City Codified Ordinances, when the following three criteria are met:

      (1)   After 80% of the lots of the project have been complete or 100% of the total project has been permanently stabilized or three (3) years from the time of permanent stabilization have passed.

      (2)   An As Built Inspection of all SCMs is completed by the owner and approved by the City Engineer.

      (3)   An Inspection and Maintenance Plan has been approved by the City and Inspection and Maintenance Agreement signed by the developer, the contractor, the City, and the private owner or homeowners association who will take long terni responsibility for these SCMs, is accepted by the City Engineer.

   (b)   Once these criteria are met, the owner shall be reimbursed all bond monies that were not used for any part of the project. If all of these criteria are not met after three years of permanent stabilization of the site, the City may use the bond monies to fix any outstanding issues with all stormwater management structures on the site and the remainder of the bond shall be given to the private lot owner/ homeowners association for the purpose of long term maintenance of the project.

(Ord. 2017-004. Passed 1-17-17.)