(A) To guarantee completion of exterior facilities and amenities as shown on the approved plans or any conditions imposed as part of an application granted under this chapter, applicants may be required to provide a financial guarantee and/or development agreement before the issuance of a building permit.
(B) The content of the development agreement must be approved by the city and must define the required work, reflect the terms to the required guarantee for the performance of the work by the applicant, and provide for the forfeiture of the financial guarantee to the city to correct a default or to reimburse the city for the cost of enforcement measures. Landscaping improvements may not be deemed complete until the city has verified survivability of all required plantings through 2 winter seasons.
(C) Any financial guarantee required by the development agreement guarantees conformance and compliance with the conditions of the application approval and this chapter.
(D) The amount of the financial guarantee must be established by the city, based upon an itemized estimate of the cost of all required work as documented by the applicant. A cash deposit or an irrevocable letter of credit or similar financial security as approved by the City Attorney must be in the amount of 125% of the approved estimated cost.
(E) The applicant may submit a separate financial guarantee for that portion of the required work consisting solely of landscaping improvements with another financial guarantee for all other exterior amenities and improvements that comprise the work.
(F) The city may hold a financial guarantee for a period of time as determined by the development agreement. The financial guarantee may be periodically reduced and ultimately released by the City Council.
(G) Failure to comply with the conditions of the application approval, the development agreement or this chapter may result in forfeiture of the financial guarantee to the extent necessary to achieve compliance with the approved plan.
(Ord. 537, passed 11-8-2004; Am. Ord. 596, passed 2-8-2010)