(a) The City of Loveland may, at its discretion, require the submittal of a water management and erosion and sediment control performance security or bond prior to issuance of a permit in order to insure that the storm water practices are installed and maintained by the permit holder as required by the approved storm water management plan. The amount of the installation performance security shall be the total estimated construction cost of the storm water management practices approved under the permit with Prevailing Wage rates, as approved by the City Engineer, plus twenty-five percent (25%). Estimated construction cost shall include site grading, seeding, erosion and sediment controls, and all other storm water management facilities that are directly related to the drainage of or from the roads, streets, alleys, ditches, sidewalks, buildings, or other such improvements located in a private development. The performance security shall contain forfeiture provisions for failure to complete work specified in the storm water management plan.
(b) The installation performance security shall be released in full only upon submission of "as built plans," written certification by a registered professional engineer that the storm water practice has been installed in accordance with the approved plan and other applicable provisions of this chapter, after the OEPA has received a "Notice of Termination" and acknowledged project completion, if applicable, and after all work required by this regulation has been completed to the satisfaction of the City Engineer. The City of Loveland will make a final inspection of the storm water practice to ensure that it is in compliance with the approved plan and the provisions of this chapter. Provisions for a partial pro-rata release of the performance security based on the completion of various development stages can be done at the discretion of the City Engineer. Upon expiration of the Performance / Maintenance Surety Bond, the maintenance responsibility for the WMSC facilities contained within designated drainage easements shall revert to the individual(s) or group(s) of property owners as identified on the record plat.
(Ord. 2022-31. Passed 4-12-22.)