(A) Required improvements shall be warranted by the developer for both materials and workmanship for one year after their acceptance. Such a warranty provision shall be included in all development agreements. Where all required improvements will be completed before a final plat is approved and the development is offered for lease, sale, or occupancy, a warranty agreement shall be submitted for approval.
(B) Enforcement of the warranty shall be assured by:
(1) Retention of 50% of an escrow account;
(2) A continuing letter of credit, but for 50% of the cost of the required improvements; or
(3) Establishment of a new escrow account, in which an amount equal to 50% of the cost of all required improvements is deposited, and which shall be released only upon expiration of the warranty.
(Ord. 2007-8-13, passed 3-11-2019; Am. 2-28-2022)