(a) The developer may request that a completion agreement be replaced with a different type of financial guarantee.
(b) The completion agreement may only be replaced after:
(1) The value of the community facilities that have previously been constructed pursuant to the CFA have been verified by the city's inspectors to have been constructed in accordance with the engineering plans; and
(2) The city has received an affidavit and release of lien executed by the contractor indicating that the contractor has been paid by the developer and the contractor has paid all subcontractors and material suppliers for the value of the community facilities that have previously been constructed pursuant to the CFA.
(c) The financial guarantee that replaces the completion agreement must be in the amount of 125% of the value of the remaining community facilities to be constructed pursuant to the CFA. If a development bond is used, the bond must be in the amount of 100% of the value of the remaining community facilities to be constructed pursuant to the CFA.
(d) The developer must pay the CFA amendment fee to the city before the completion agreement may be replaced with another type of financial guarantee.
(Ord. 23656-05-2019, § 1, passed 5-7-2019, eff. 6-1-2019)