A. The amount of the performance bond for street, grading, or utility improvements shall be established by the city engineer's original estimated cost of completion.
B. The amount of the performance bond for landscaping improvements, driveway installation, sidewalk repairs and early occupancy shall be established by the community development director or his designee as follows:
1. For all new single-family residential units, an improvement performance bond paid at the issuance of the building permit is required in the amount of a minimum of two thousand dollars ($2,000.00).
C. The performance bond shall be in the form of cash and/or an irrevocable letter of credit.
D. A performance bond agreement shall be entered into by and between Mapleton City and the applicant:
1. The performance bond agreement shall include a provision that the performance bond shall expire within thirteen (13) months from the date issued.
2. If the project has not been completed by that date, then the performance bond shall be considered foreclosed upon.
3. All remaining funds shall be thereafter remitted to the city as set forth in the performance bond agreement.
4. A performance bond may be extended only if special circumstances warrant an extension, as determined by the city engineer.
E. A performance bond may be partially released if the performance to which it relates has been satisfactorily completed, except that not less than ten percent (10%) of the performance bond shall be retained to ensure completion of the entire performance.
F. The community development director or designee may establish objective procedures consistent with this section relating to the administration of performance bonds, including fund management, default and collection. (Ord. 2016-01, 5-18-2016, eff. 6-16-2016; amd. Ord. 2021-17, 7-7-2021)