A. A developer may request one reduction or partial release of the improvement installation security by submitting a written request to the city engineer along with a detailed estimate of the value of the work remaining to be completed. Upon receipt of the request, the city engineer will inspect the improvements completed and verify the value and percentage of work remaining. If the city engineer determines that the work has been satisfactorily completed and that the submitted estimates are correct, he or she will recommend that the city council reduce or partially release the improvement installation security subject to the following conditions:
1. No reduction will be made when more than fifty percent (50%) of the work remains to be completed.
2. No reduction will result in reducing the security to less than ten percent (10%) of the amount of the original security.
3. Reduction of security will be construed as formal acceptance of only those improvements completed at the time of reduction.
4. Reduction of security does not apply to warranty or monument security. (Ord. 3485, 2014)