(A) When landscaping or other similar improvements to property are required by this chapter, a letter of credit or cash escrow shall be supplied by the owner in an amount equal to at least 125% of the approved estimated landscaping costs. The letter of credit or cash escrow, with security satisfactory to the city, shall be conditioned upon reimbursement of all expenses incurred by the city for engineering, legal, or other fees in connection with making or completing the improvements. The letter of credit or cash escrow shall be provided prior to the issuance of any building permit and shall be valid for a period of time equal to 1 full growing season after the date of installation of the landscaping. In the event construction of the project is not completed within the time prescribed by building permits and other approvals, the city may, at its option, complete the work required at the expense of the owner and the surety.
(B) The city may allow an extended period of time for completion of all landscaping if the delay is due to conditions that are reasonably beyond the control of the developer or property owner. When extensions are granted, the city shall require such additional security as it deems appropriate and or an addendum to an existing development agreement.
(Ord. 537, passed 11-8-2004; Am. Ord. 596, passed 2-8-2010)