(A) Following receipt of the required estimate, the City Engineer shall prepare recommendations as to the terms of the performance guarantee, including time of initiation and completion of the work, as a whole or in stages, and provisions for release of portions of the guarantee upon completion of portions or stages of the work. The life of a performance guarantee shall not be less than six months or greater than two years, unless otherwise provided. The time between initiation and completion of development shall not exceed four years, except as provided under subsection (C).
(B) Based on such estimate, with such changes as deemed necessary, the City Engineer shall set the amount and terms of the performance guarantee, subject to necessary legal review of form as provided in section 9-5-143.
(C) When in the opinion of the City Engineer the required improvements or portions thereof cannot be completed within the specified time frame due to a physical condition and/or lack of an approved final plat on an adjoining property, the performance guarantee or portion thereof for such improvements may be extended beyond the maximum time stated in subsection (A) above. Following approval of a final plat on an adjoining property, the required improvements or portion thereof shall be installed within the life of the current performance guarantee or 12 months, whichever is greater.
(D) The City Engineer may accept a substitute performance guarantee from any party to cover the cost of all or a portion of the remaining improvements shown on an approved final plat. When a substitute performance guarantee is offered, the City Engineer shall give ten days’ notice by certified mail to the party posting the original surety that the City Engineer intends to issue a “notice to proceed” for construction of the guaranteed improvements to the party offering the substitute surety. The “notice to proceed” will be issued to the party offering and posting the substitute surety unless the party posting the original surety makes a written request that the “notice to proceed” be issued to him or her, and has in place or offers a surety meeting the requirements of a substitute surety.
(E) When a substitute performance guarantee is accepted, the following rules shall apply.
(1) The work covered by a substitute performance guarantee shall be completed within 12 months.
(2) The original performance guarantee shall be released, reduced or returned to the party posting the original performance guarantee.
(3) The work performed under a “notice to proceed” shall conform to the original plans in accordance with the approved final plat.
(4) No extensions or substitutions of a substitute performance guarantee will be allowed.
(Ord. No. 1941, § 1, passed 1-12-1989; Ord. No. 1968, § 1, passed 3-9-1989)