1113.15 PERFORMANCE GUARANTEE IN LIEU OF INSTALLATION.

   The developer may execute and file with the City financial guarantees in lieu of actual installation or completion of the required improvements concurrently with the application for approval of the final plat.

   (a)    Type of Guarantees. Such guarantees may be in the form of a performance or surety bond, a certified check or any other type of surety approved by the Law Director. The duration of such guarantees shall be determined by the Commission; however, it shall not be for a longer period than two years unless Council, by resolution, extends the time. Bonds shall be executed by the applicant as principal with a surety company authorized in the State and shall be in a form substantially as shown in Appendix 3 of the Subdivision Code.

   (b)    Amount of Guarantee. The financial guarantees shall be in an amount equal to the estimated total cost of materials and labor required to install or construct the improvements. Such costs shall be determined by the Engineer. When any portion of an improvement has upon inspection been found satisfactorily completed, a reduction in the bonds or partial withdrawal of funds equal to the estimated costs of such completed improvements may be authorized.

   (c)    Progressive Installation. The developer may apply for final approval and recording of only a portion of the entire subdivision. Under such a progressive unit development procedure, the installation of required improvements and sale or lease of lots may proceed only on that portion of the subdivision which has been approved and recorded.

      (Ord. 1967-37. Passed 1-9-68.)