(a) The Municipality Engineer shall not approve a storm water permit until the developer submits to the Municipality, in a form and amount satisfactory to the Municipality, a letter of credit or other financial guarantee for the timely and satisfactory construction of all storm water runoff facilities and site grading in accordance with the approved storm water plan. Upon certification by a registered professional engineer that the storm water runoff facilities have been completed in accordance with the approved storm water plan including, but not limited to, the provisions contained in Section 1047.012(h), the Municipality may release the letter of credit, or other financial guarantee subject to final Municipality acceptance and approval.
(b) The letter of credit or other financial guarantee may be accessed when:
(1) Violation of this chapter has occurred as determined by the Municipality;
(2) Three notifications to the developer detailing the infraction have been issued;
(3) No corrective action has being taken by the developer within 30 days of final notification.
(c) Except as provided in subsection (e), the amount of the financial guarantee shall be as determined by the Municipality Council in a resolution of fees for Municipality services, unless the Municipality determines that a greater amount is appropriate, in which case the basis for such determination shall be provided to the developer in writing. In determining whether an amount greater than the amount established by resolution of Municipality Council is appropriate, the Municipality shall consider the size and type of the development, the size and type of the on-site storm water system, and the nature of the off-site storm water runoff facilities the development will utilize.
(d) The letter of credit or other financial guarantee will not be permitted to expire until any necessary maintenance agreements for storm water facilities established by the developer have been signed.
(e) A maintenance bond shall be provided to the appropriate agency. The maintenance bond shall be provided for a period of two years commencing from the date of the final approval of the storm water plan.
(f) The Municipality Manager may reduce or waive the amount of the financial guarantee for a development that will not increase the percentage of impervious surface of the development site by more than 10%.
(g) This chapter shall not be construed or interpreted as relieving a developer of its obligation to pay all costs associated with on-site private storm water runoff facilities as well as those costs arising from the need to make other storm water improvements in order to reduce a development’s impact on a drain consistent with adopted design standards.
(Ord. 2015-01. Passed 1-26-15.)