(a) At the discretion of the project manager, a CFA may be executed based upon the design engineer's estimate of probable costs before the engineering plans for the CFA have been accepted by the city. The engineering plans must have completed first review before a CFA may be executed based upon the design engineer's estimate of probable costs.
(b) The project manager and city infrastructure departments shall review the cost estimates and must agree with the design engineer's estimate of probable costs before the CFA is executed.
(c) The developer's financial guarantee must be in the amount of 150% of the design engineer's estimate of probable costs.
(d) Before a pre-construction meeting can be scheduled, the developer must amend the financial guarantee if the financial guarantee is less than 125% of the cost of the community facilities based upon the bids received by the developer's contractors.
(e) If the CFA exhibits must be revised or the cost of the public infrastructure for the engineering plans accepted by the city is more than the amount in the CFA, the CFA must be amended and the developer shall pay the CFA amendment fee.
(Ord. 23656-05-2019, § 1, passed 5-7-2019, eff. 6-1-2019)