(a) The bond estimate shall be based on the estimated cost of construction of all items to be constructed under the Final Subdivision and/or Land Development Application, plus a fifteen percent (15%) contingency factor to cover administrative and engineering costs in the event of default and potential damage to existing Roads or utilities. The cost estimates shall reflect the current Unit costs as published and distributed by the City and shall be increased by an inflation factor equal to the annual percentage change in the Construction Index Code, as published weekly in the Engineering News Record. This inflation factor is to be applied over the life of the bond, using the equation C = (P)(I)(E) + E; where P = the period of the bond (years); I = annual inflation factor; and E = the estimated cost of construction [including the fifteen percent (15%) contingency factor]; C = total Bond Estimate.
(b) The bond estimate shall be prepared and sealed by a Professional Engineer or Professional Land Surveyor and submitted to and approval by the Planning Commission.
(c) Where partial construction has already occurred, the amount of the surety may be less than the bond estimate to allow for work completed prior to establishing the original bond, subject to Planning Commission’s approval, provided that, after such original surety has been accepted by the Commission, any bond reduction requested shall be based upon the original bond estimate and not upon the original amount of such surety.
(Ord. 2022-13. Passed 11-10-22.)