In lieu of the actual installation of any of the improvements required by this title, title 8, conditions of approval from the development agreement, design review, conditional use permit, or any other required application prior to the city clerk signing the final plat, the city council may permit the subdivider to provide a surety/financial guarantee of performance in one or a combination of the following arrangements for those requirements which are over and beyond the requirements of any other agency responsible for the administration, operation and maintenance of the applicable required improvement:
A. Cash Deposit, Certified Check, Or Irrevocable Bank Letter Of Credit: A cash deposit, certified check, or an irrevocable bank letter of credit (issued by a local bank in the Eagle/Boise area), in the amount equal to one hundred fifty percent (150%) of the estimated construction costs of the required improvements shall be provided by the owner/developer and held by the city until said construction 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.
In the case of cash deposits or certified checks, an agreement between the city council and the subdivider may provide for progressive payment out of the cash deposit or reduction of the certified check, to the extent of the cost of the completed portion of the public improvement, in accordance with a previously entered into agreement.
B. Completion Time: All required improvements shall be completed within one (1) year from the date of acceptance of the surety/financial guarantee of performance by the city. The zoning administrator may authorize a delay in the completion of the required improvements if at a minimum, the surety is extended. Notwithstanding the foregoing, no final occupancy permit will be issued for any residence or business, whichever is applicable, until the sidewalk, sod, automatic irrigation, and street trees required in section 9-4-1-6 of this chapter have been installed along the frontage of the lot that said residence/business is located upon. (Ord. 566, 5-15-2007; amd. Ord. 820, 12-10-2019)