In the interest of insuring compliance with the Zoning Ordinance provisions, protecting the natural resources and the health, safety, and welfare of the residents of the City and future users or inhabitants of an area for which a site plan for a proposed use has been submitted, the Planning Commission shall require the applicant to deposit a performance guarantee for all projects with greater than $50,000 in site improvements. The purpose of the performance guarantee is to insure completion of improvements connected with the proposed use as required by this Ordinance, including but not limited to, roadways, lighting, utilities, sidewalks, drainage, fences, walls, screens, and landscaping.
(a) "Performance guarantee" as used herein shall mean a cash deposit, certified check, irrevocable bank letter of credit or corporate surety bond in the amount of the estimated cost of the improvements to be made as determined by the applicant and verified by the City. The City shall be authorized to employ the City Engineering Department and/or City consultants to review cost estimates and conduct periodic inspection of the progress of improvements.
(b) Where the Planning Commission requires a performance guarantee, said performance guarantee shall be deposited with the City prior to the issuance of a building permit for the development and use of the land. Upon the deposit of the performance guarantee the City shall issue the appropriate building permit, and the City shall thereafter deposit the performance guarantee, if in the form of a cash deposit or certified check, in an interest bearing account to the applicant.
(c) The approval shall also prescribe the period of time within which the improvements for which the performance guarantee has been required are to be completed. The period will begin from the date of the issuance of the building permit.
(d) In the event the performance guarantee deposited is a cash deposit or a certified check, the City shall rebate to the applicant fifty (50) percent of the deposited funds when seventy-five (75) percent of the required improvements are completed as confirmed by the City, and the remaining fifty (50) percent of the deposited funds when one hundred (100) percent of the required improvements are completed as confirmed by the City. If a request is made by the applicant for a temporary certificate of occupancy without completion of required exterior improvements, the performance guarantee herein required may be applied by said applicant to assure compliance with Zoning Ordinance standards and the specifications of the approved site plan.
(e) Upon the satisfactory completion, as determined by the City, of the improvement for which the performance guarantee was required, the City shall return to the applicant the performance guarantee deposited and any interest earned thereon. However, the City is not required to deposit the performance guarantee in an interest-bearing account.
(f) In the event the applicant defaults in making the improvements for which the performance guarantee was required within the time period established by the City, the City shall have the right to use the performance guarantee deposited and any interest earned thereon to complete the improvements through contract or otherwise, including specifically, the right to enter upon the subject property to make the improvements.
If the performance guarantee is not sufficient to allow the City to complete the improvements for which such guarantee was posted, the applicant shall be required to pay the City the amount by which the cost of completing the improvements exceeds the amount of the performance guarantee deposit. Should the City use the performance guarantee, or a portion thereof, to complete the required improvements, any amounts remaining after said completion shall be applied first to the City's administrative costs including, without limitation, attorney fees, planning consultant fees, and engineering consultant fees in completing the improvement with any balance remaining being refunded to the applicant.
If the applicant has been required to post a performance guarantee or bond with another governmental agency other than the City to insure completion of an improvement associated with the site, the applicant shall not be required to deposit with the City a performance guarantee for that same improvement. At the time the performance guarantee is deposited with the City and prior to the issuance of a building permit, the applicant shall enter an agreement incorporating the provisions hereof with the City regarding the performance guarantee.