The amount of the performance guarantee shall cover all construction costs, the owner's engineering and platting costs, and the village's engineering and inspection costs. The guarantees shall be in the following minimum amounts unless the owner can show that certain of the costs have already been paid.
(A) Construction cost:
(1) 130% of the estimated construction cost approved by the City Manager; or
(2) 110% of a binding contract with a contractor qualified for the proposed work.
(B) Owner's engineering and platting cost: at a cost verified by the engineer and surveyor.
(C) Village Engineering and inspection costs: actual costs incurred.
(Ord. 25-89, passed 9-25-89; Am. Ord. 03-97, passed 2-24-97)