(A) As provided by the Act, and before an applicant conducts any site preparation work or development activity or records a plat, as applicable, the applicant shall:
(1) Complete all required landscaping and infrastructure improvements; or
(2) Post an improvement completion assurance for all required landscaping and infrastructure improvements.
(B) If an applicant elects to post an improvement completion assurance, the applicant shall provide the city’s required completion assurance for:
(1) Completion of 100% of the required landscaping and infrastructure improvements; or
(2) If the city has inspected and accepted a portion of the landscaping and infrastructure improvements, 100% of the incomplete or unaccepted landscaping and infrastructure improvements.
(C) The improvement completion assurance shall be in the form of one of the following:
(1) Cash deposit in escrow held with a financial institution insured by the Federal Deposit Insurance Corporation (“FDIC”) or the National Credit Union Administration (“NCUA”) together with
an escrow agreement;
(2) Cash deposit held by city together with a financial guarantee agreement; or
(3) Improvement surety bond together with a bond agreement approved by the city.
(D) As provided by city ordinances and regulations, the applicant and the city shall comply with the city’s established system for the partial release of an improvement completion assurance as portions of required landscaping and infrastructure improvements are completed and accepted in accordance with city ordinances and regulations.
(E) The city shall not require an applicant to post an improvement completion assurance for:
(1) Landscaping or an infrastructure improvement that the city has previously inspected and accepted;
(2) Infrastructure improvements that are private and not essential or required to meet the Building Code, Fire Code, flood or storm water management provisions, street and access requirements, or other essential necessary public safety improvements adopted in a land use regulation; or
(3) Infrastructure improvements within the area proposed to be private or for any infrastructure improvements within the subject property the city requires to be private.
(Prior Code, § 25.07.020) (Ord. 20-03, passed 3-19-2020; Ord. 23-10, passed 4-6-2023)