(A) As a condition of approval of a private street, site plan review, special land use or planned unit development, the Planning Commission or City Commission, whichever is designated as the approving authority, may require a financial guarantee of sufficient sum to assure the installation of features or components of the approved activity or construction which are considered necessary to protect the health, safety and welfare of the public and of users or inhabitants of the proposed development. Those features or components, hereafter referred to as “improvements”, may include, but shall not be limited to, streets, curbing, landscaping, fencing, walls, screening, lighting, drainage facilities, sidewalks, driveways, utilities and similar items.
(B) Performance guarantees shall be processed in the following manner.
(1) Prior to the issuance of a certificate of occupancy, the applicant shall submit an itemized estimate of the cost of the required improvements subject to the performance guarantee. The estimate shall be reviewed by the Director of Public Works and may, in his or her sole discretion, be forwarded to other departments and/or consultants for review. The amount of the performance guarantee, as approved by the Director of Public Works, shall be 100% of the cost of purchasing materials and installing the required improvements, plus the cost of necessary engineering and a reasonable amount for contingencies, not to exceed 125% of the estimated cost of materials and installation.
(2) The required performance guarantee may be in the form of a cash deposit, certified check, irrevocable bank letter of credit or surety bond acceptable to the city.
(3) Upon receipt of the required performance guarantee, the Director of Public Works shall issue a building permit for the subject development or activity, provided it is in compliance with all other applicable provisions of this chapter and other applicable ordinances of the city.
(4) The Director of Public Works, upon the written request of the guarantor, shall rebate portions of the performance guarantee upon determination that the improvements for which the rebate has been requested have been satisfactorily completed. The portion of the performance guarantee to be rebated shall be in the same amount as stated in the itemized cost estimate for the applicable improvements.
(5) When all of the required improvements have been completed, the guarantor shall send written notice to the Director of Public Works of completion of the improvements. The Director of Public Works shall then inspect all of the improvements and approve, partially approve or reject the improvements with a statement of the reasons for any rejections. If partial approval is granted, the cost of the improvement rejected shall be set forth. Where partial approval is granted, the guarantor shall be released from liability pursuant to relevant portions of the performance guarantee, except for that portion sufficient to secure completion of the improvements not yet approved.
(C) A record of authorized performance guarantees shall be maintained by the Director of Public Works.
(Ord. effective 11-29-2013)