(a) In addition to the reductions in financial guarantees allowed by § 9-310, a developer may request a reduction in the financial guarantee when the only community facilities remaining to be constructed in a residential development are streetlights.
(b) To be eligible for a reduction in the financial guarantee under this section:
(1) The construction and final inspection of all Community facilities in the CFA, except streetlights, must be completed;
(2) The construction of all streetlights must be completed and the streetlights only require a connection to a permanent source of electrical power and final inspection by the city;
(3) The contract between the developer and the developer's contractor for the construction of streetlights must not include the construction of any other community facilities;
(4) The remaining financial guarantee for the CFA must cover 125% of the cost of constructing the streetlights; and
(5) The developer shall pay to the city the CFA amendment fee set forth in § 2-321 of the city code unless:
a. A separate financial guarantee for the streetlights, other than a completion agreement, was provided to the city when the CFA was executed; or
b. The developer previously provided a separate financial guarantee for the streetlights, other than a completion agreement, as authorized by this chapter.
(c) The developer shall connect the streetlights to the electricity provided by an electric utility company within 30 days of an electric utility company providing power to the development.
(d) The streetlights must pass a final inspection before the streetlights will be accepted by the city and the financial guarantee for the streetlights is released by the city.
(e) A reduction in a financial guarantee for streetlights:
(1) Allows the plat hold for the CFA to be released;
(2) Allows building permits to be issued if all other requirements of the city for the issuance of building permits have been met; and
(3) Allows the community facilities being constructed pursuant to a CFA, other than the streetlights, to be accepted by the city when all requirements for approval of those community facilities have been met.
(Ord. 23656-05-2019, § 1, passed 5-7-2019, eff. 6-1-2019)