A. Upon substantiating a finding under subsection B of this section, the community development director with approval of the city administrator may, with due notice to the developer:
1. Declare the performance bond forfeited; and
2. Install or cause the required improvement to be installed using the proceeds from the performance bond to defray the costs.
B. A performance bond may be forfeited under subsection A of this section if the city finds that a developer has failed or neglected to:
1. Satisfactorily install the required improvements;
2. Make required corrections;
3. Make payment to the city for administration and inspections; or
4. Otherwise failed to carry out the activity for which the performance bond was required.
C. The developer is responsible for work beyond the limits of the bond amount.
D. Any funds remaining after completion of the required improvements will be returned to the developer. (Ord. 2014-04, 3-19-2014, eff. 4-13-2014)