A. Prior to issuance of any permit or approval that authorizes site disturbance under provisions of this chapter, the City shall require performance security to:
1. Assure all work or actions required by this chapter are satisfactorily completed in accordance with the approved plans, specifications, permit or approval conditions, and applicable regulations,
2. Assure all work or actions not satisfactorily completed will be corrected to comply with the approved plans, specifications, permit or approval conditions, and applicable regulations.
3. Eliminate hazardous conditions, restore environmental damage or degradation, and protect the health, safety, and general welfare of the public.
B. The City may require the applicant to post a performance bond or other security for completion of any work required to comply with this code at the time of construction. If the development proposal is subject to mitigation, the applicant shall post a performance bond or other security to cover long term monitoring, maintenance, and performance to ensure mitigation is fully functional for the duration of the monitoring period.
C. The performance bond shall be in the amount of one hundred twenty-five percent (125%) of the estimated cost of the completed action, or the estimated cost of restoring the functions and values of the critical area at risk, whichever is greater.
D. The bond shall be in the form of a surety bond, performance bond, assignment of savings account, or an irrevocable letter of credit guaranteed by an acceptable financial institution with terms and conditions acceptable to the City.
E. Bonds or other security authorized for mitigation by this section shall remain in effect until the City determines, in writing, that standards bonded have been met. Bonds or other security for required mitigation projects shall be held by the City for a minimum of five (5) years to ensure the mitigation project has been fully implemented and demonstrated to function. The bond may be held for longer periods upon written finding by the City that it is necessary to hold the bond to ensure the mitigation project has meet all elements of the approved mitigation plan.
F. Depletion, failure, or collection of bond funds shall not discharge the obligation of an applicant or violator to complete required mitigation, maintenance, monitoring, or restoration.
G. Any failure to satisfy critical area requirements established by law or condition including, but not limited to, the failure to provide a monitoring report within thirty (30) days after it is due or comply with other provisions of an approved mitigation plan shall constitute a default, and the City may demand payment of any financial guarantees or require other action authorized by municipal code.
H. Any funds recovered pursuant to this section shall be used to complete required mitigation. (Ord. 985, 10-5-2020)