As a condition of approval of the development plan, and in those instances in which significant improvements relating to the project, exclusive of building(s), will be delayed for an extended period due to the season of the year, weather conditions, or other unavoidable problems, the Executive Committee may require a deposit by the applicant with the City of Columbia City and/or the Whitley County Board of Commissioners, as may be applicable, in the form of cash, certified check, or other surety as may be acceptable to the city and/or the Board of Commissioners, in an amount to insure performance of any obligations of the applicant to make improvements shown upon the development plan or attested to in any accompanying documents.
A. Amount: The amount of the guarantee shall be established by the City Board of Public Works and Safety and/or the Whitley County Board of Commissioners, as may be applicable, and shall be sufficient to insure completion of the improvements within the time period specified by this ordinance.
B. Legal form: The performance guarantee shall be of current form as prescribed by the Joint Planning and Building Department office.
C. Approval: Final approval of the amount, nature, and form of the performance guarantee shall rest with the Executive Committee.
D. Release of guarantee: Following final approval of the performance guarantee by the Executive Committee, the City Board of Public Works and Safety and/or the Board of County Commissioners may rebate to the applicant the amount of any deposits equivalent to the ratio of work completed to the entire improvements secured, as verified by the Director of Community Development and/or the Whitley County Engineer. Such rebates shall not exceed 90% of the total deposit held. Upon full completion of all improvements secured in conformance with all applicable standards and specifications, as verified by the Director of Community Development and/or the Whitley County Engineer, as may be applicable, the City Board of Public Works and Safety and/or the Whitley County Board of Commissioners, as may be applicable, may authorize and release the final 10%.
(1980 Code, Ch. 156, § 9.07) (Ord. 1995-7, passed 6-5-1995)