When in the judgment of the Planning and Zoning Commission, it is not feasible to complete requirements or conditions imposed by statute or ordinance prior to the issuance of a permit, use, or occupancy, the improvement security may be accepted pursuant to this section to guarantee completion of the requirements or conditions.
A. Acceptance Of Security: Improvement security may be accepted by the City in relation to the following requirements or conditions:
1. Landscaping, parking, parking lot lighting, signage, structural amenities;
2. Right-of-way improvements, street improvements, curb, gutter, sidewalk, improvements related to driveways;
3. Electrical power;
4. Sewer, water, utilities; or
5. All other improvements or deferrals.
B. Types Of Security: With the exception of improvements required under provisions of the City zoning ordinance, the following types of surety may be accepted:
1. Certificate of deposit, cash, cashier's check, or savings account in favor of Lewiston City in the amount of not less than one hundred twenty five percent (125%) of the estimated cost of improvements;
2. Irrevocable letter of credit issued by a Federally insured financial institution with the necessary period of time as determined by staff in the amount of not less than one hundred twenty five percent (125%) of the estimated cost of improvements;
3. Escrow, drawdown, or performance account to which the County is a signatory and the escrow agent guarantees payment in the amount of not less than one hundred twenty five percent (125%) of the estimated cost of improvements;
4. Performance bond issued by a financial institution, insurance company, or surety company with a Moody's or Standard & Poor's investment grade bond rating in the amount of not less than one hundred twenty five percent (125%) of the estimated costs of improvements.
C. Estimating The Cost Of Improvements:
1. The permit holder shall present the City with a firm construction bid for the improvements that shall be valid for a reasonable period of time from the date of the bid.
2. The bid shall be reviewed by the Zoning Administrator or other appropriate City official prior to acceptance of the estimated cost.
3. If the City accepts the bid amount, the permit holder may use that amount for securing and delivering surety to the City.
If the City does not accept the bid amount, the permit holder shall obtain three (3) firm bids for the work to be secured with prices valid for at least six (6) months. The City shall accept the average of the three (3) bids as the base amount for improvement security. (Ord. 13-01, 4-16-2013)