(a)   As a condition of approval of a final plat and/or prior to the issuance of a certificate of zoning compliance for a non-residential structure, multiple-family development, or attached single-family development, if some or all required improvements have not been made, a financial guarantee may be required of sufficient sum to assure the installation of those features or components of the approved activity or construction that are considered necessary to protect the health, safety, and welfare of the public and of users or inhabitants of the proposed development. Those features or components, referred to as "improvements" may include, but shall not be limited to, streets, curbing, landscaping, fencing, walls, screening, lighting, drainage facilities, sidewalks, driveways, utilities, and similar items.
   (b)   Performance guarantees shall be processed in the following manner:
      (1)   Prior to approval of a final plat and/or issuance of a certificate of zoning compliance, the applicant shall submit an itemized estimate of the cost of those required improvements subject to the performance guarantee, which shall then be reviewed by the Zoning Administrator. The amount of the performance guarantee shall be one hundred percent (100%) of the cost of purchasing materials and installing the required improvements, plus the cost of necessary engineering and a reasonable amount for contingencies, but not-to-exceed one hundred twenty-five percent (125%) of the estimated cost of construction and materials.
      (2)   The required performance guarantee may be in the form of a cash deposit or check.
      (3)   Upon receipt of the required performance guarantee, a permit shall be issued for the subject development or activity, provided it is in compliance with all other applicable provisions of this Code and other applicable ordinances of the City.
      (4)   The City, upon the written request of the owner, shall rebate portions of the performance guarantee upon determination that the improvements for which the rebate has been requested have been satisfactorily completed, as determined by the City. The portion of the performance guarantee to be rebated shall be in the same amount as stated in the itemized cost estimate for the applicable improvements.
      (5)   When all required improvements have been completed, the owner shall send written notice to the Zoning Administrator of completion of the applicable improvements. Thereupon, the Zoning Administrator shall cause an inspection to be made of all the improvements and approve, partially approve, or reject the improvements with statement of the reasons for any rejections. If partial approval is granted, the cost of the improvement rejected shall be retained and the owner will be directed to complete the missing items. Where partial approval is granted, the owner shall be released from liability pursuant to relevant portions of the performance guarantee, except for that portion sufficient to secure completion of the improvements not yet approved. The City may withhold issuance of the certificate of zoning compliance until all improvements are completed.
      (6)   A record of authorized performance guarantees shall be maintained by the Zoning Administrator.
         (Ord. 4-21.  Passed 1-4-21.)