As a prerequisite to the issuance of a conditional use permit under this chapter for any project involving new construction on a one and one-half (1.5) acre parcel or larger, the applicant shall file with the Planning Commission within ten (10) days after approval of the Development Plan a surety bond or escrow agreement to insure the construction of the project within the period specified in Section 1115.08 or as extended or changed by the Planning Commission. The bond or escrow shall be enforceable by or payable to the City in a sum at least equal to the estimated costs of all of the site improvements (streets, drives, walks, walls, storm and sanitary sewers, landscape planting, ornamental features not on a building, and terraces, but not buildings) for the entire project. The bond or escrow shall be in a form and with surety and conditions approved by the Director of Law. In the event of default under such bond or escrow, the City may use the sum defaulted to construct such site improvements to the extent of the funds available.
(Ord. 20-2012. Passed 5-21-12.)