(a) The term for completing construction of community facilities pursuant to a CFA shall be two years. The city and the developer may agree upon a term of less than two years.
(b) If construction of the community facilities has commenced before the end of the term, the CFA may be amended to extend the term for up to one additional year. The maximum term of a CFA may not be more than three years.
(c) If construction of community facilities pursuant to a CFA has not begun 90 days before the end of the term, the city may send written notice to the developer of the city's intent to use the developer's financial guarantee to construct the community facilities. If the developer and the city do not agree on an extension of the term within 60 days before the term expires or if the term of the CFA is already three years, the city may use the developer's financial guarantee to construct all or some of the community facilities contemplated by the CFA.
(Ord. 23656-05-2019, § 1, passed 5-7-2019, eff. 6-1-2019)