8-2A-18: SURETIES:
Prior to the issuance of a temporary certificate of occupancy, a surety in the form of an irrevocable letter of credit, or cash, in the amount equal to one hundred fifty percent (150%) of the estimated construction costs of site improvements, landscaping and irrigation shall be provided by the owner/developer to the City to be held and deposited by the City until said construction, landscaping and irrigation is complete. Construction cost estimates shall be reviewed and approved by the City Zoning Administrator prior to City acceptance of said surety. The surety initiation and extension fees shall be established by resolution of the City Council. No final certificate of occupancy shall be issued until the required construction, landscaping and irrigation is complete pursuant to section 8-2A-19 of this article. In the event the owner/developer fails to complete all improvements required pursuant to the City approved plans the City may, after written notice of intent to proceed, draw on the surety to completely install, repair, or replace any and all improvements which are the subject of noncompliance. (Ord. 618, 2-17-2009; amd. Ord. 820, 12-10-2019)