A. An applicant may provide the city with an improvement completion assurance as defined below in an amount equal to one hundred ten percent (110%) of the estimated completion costs in lieu of an obligation required section 9-1-190. For purposes of this and other sections of this title, an improvement completion assurance is defined as codified in Utah Code §10-9a-103 except that the acceptable forms of an improvement completion assurance limited by this code are:
1. A business check from a FDIC insured financial institution within 50 miles of Draper City hall with funds immediately available to the city;
2. Cash;
3. A cash bond;
4. A cashier's check from a FDIC insured financial institution within 50 miles of Draper City Hall with funds immediately available to the city upon default;
5. An irrevocable letter of credit from a FDIC insured financial institution within 50 miles of Draper City Hall with funds immediately available to the city upon default; or
6. Other method of security as agreed upon by applicant, the community development director and the city attorney.
B. Improvements secured by an improvement completion assurance must be accompanied by an improvement completion assurance agreement. An improvement completion assurance agreement may specify the manner and timeframe for the completion of work contemplated by the agreement. (Ord. 1501, 10-5-2021)