(A) Requirement. A letter of credit, escrow, performance bond or other surety in an amount equal to 125% of the value of the landscaping, or in an amount deemed adequate by the Community Development Director, must be approved by the City Attorney.
(B) Applicability. The financial guarantee authorizes the Community Development Director to use the funds to complete the landscaping installation and required maintenance practices if the responsible party defaults or does not properly install or maintain the landscaping.
(C) Duration. The financial guarantee must remain in place for one year after landscape installation to ensure proper maintenance of the landscaping in accordance with this section.
(D) Conditions for release. The Director of Public Works may release the portion of the financial guarantee established under this section, less any costs incurred by the Director of Public Works to complete installation of practices, upon submission of “as-built plans” by an appropriate licensed professional.
(E) Pro-rate release. The Director of Public Works may make provisions for a partial pro-rata release of the financial guarantee based on the completion of various development stages.
(Prior Code, § 163.17) (Ord. 12-172, passed 3-27-2012)