A. Prior to the issuance of a building permit that triggers a fine art obligation, the applicant shall deposit with the city cash, a letter of credit, or other security satisfactory to the director of community development in an amount equal to the value of the fine art as required by section 3-1-802 of this chapter. The security shall guarantee installation of fine art, or an in lieu fee, as required by this article.
B. All fine art required by this article shall be installed, as approved by the fine art commission, prior to the final inspection of the construction or reconstruction that has triggered the requirements of this article. Within seven (7) days of installation of the approved fine art, the applicant shall notify the fine art commission and city staff to verify compliance.
C. If the fine art required by this article is not installed by the final inspection of the construction or reconstruction that has triggered the requirements of this article, then the applicant shall forfeit the security posted with the city, and such monies shall be deposited into the fine art fund. In the case of unforeseeable, and verifiably documented, extenuating circumstances, the deadline to install the fine art may be extended up to a maximum of twelve (12) months, with the written approval of the fine art commission. (Ord. 15-O-2672, eff. 2-6-2015)