(a) Every 30 days, the developer may request a reduction in the amount of an escrow agreement that has been provided as the financial guarantee for a CFA.
(b) The reduction in an escrow agreement may only be made after:
(1) The city's inspectors have verified the amount of the community facilities that 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 community facilities that have been constructed pursuant to the CFA.
(c) After the city has confirmed the amount of the community facilities that have been constructed in accordance with the engineering plans and the city has received an affidavit and release of lien from the contractor for the community facilities that have been constructed, then the escrow agreement may be reduced to an amount equal to 125% of the value of the community facilities that are remaining to be constructed that are guaranteed by the escrow agreement.
(Ord. 25556-06-2022, § 2, passed 6-14-2022, eff. 6-15-2022)