(A) Reduction of performance surety. After a written request from the developer, received no later than 60 days prior to the expiration of a performance surety, a performance surety may be reduced upon demonstration of satisfactory completion of public improvements, and then only to the ratio that the installed improvement bears to the total public improvements for the subdivision. The initial surety reduction shall be considered only after the asphalt surface binder is applied to the entire subdivision phase as platted. There shall be no reduction or release of a surety if there are any outstanding administrative penalties or violations related to the bonded/surety secured site.
(B) Extension of performance sureties. The Planning Commission may, upon proof of extenuating circumstances by the applicant, vote to extend the completion date set forth in such surety by a period of time not to exceed one year. One additional extension of a period of time not to exceed six months may be approved by the Planning Commission, upon proof of extenuating circumstances shown by the applicant. At the time either of these two extensions is applied for, the Public Works Director may modify the amount of the surety in order to cover the costs of the remaining improvements.
(C) Release of performance surety. The performance surety shall not be released until the Certification of Completion from the Engineer of Record is approved by the Public Works Director and acceptance of all infrastructure that is required to be accepted within the right-of-way by the city.
(D) Defer to Planning Commission. The Public Works Director may at his/her discretion, defer decisions to reduce, extend or release a surety to the Planning Commission, with such requests to be heard only at regularly scheduled meetings of the Planning Commission.
(Ord. 2022-007, passed 3-14-2022)