(A) Building Permits: Prior to issuance of building permits for structures, the applicant shall either install and complete all private service improvements, including streets, pedestrianways, utilities, landscaping and buffering, or file an improvement guarantee for these items.
(B) Schedule Specified: The improvement guarantee is an agreement between the applicant and city specifying a development schedule setting forth when service improvements will be made.
(C) Attorney Approval: The agreement shall be in a form satisfactory to the city attorney, and shall be filed with the city clerk.
(D) Performance Guarantee: The applicant shall file with the agreement one of the following to assure his full and faithful performance:
1. A certified check or checks.
2. A surety bond executed by a surety company authorized to transact business in the state of Idaho.
3. An irrevocable letter of credit issued by a financial institution authorized to do business in the state of Idaho.
4. Other surety acceptable to the city.
(E) Performance Bond: The developer may elect to provide a surety bond from a company authorized to do such business in the state of Idaho. The bond shall be in an amount equal to one hundred twenty five percent (125%) of the estimated cost of all unaccepted public improvements. The bond shall be payable to the city in the event that any required public improvements are not finally accepted in accordance with the provisions of this title and shall be posted by no person other than the developer.
(F) Deposit In Escrow: The developer may elect to deposit a cash sum equal to one hundred twenty five percent (125%) of the estimated cost of all unaccepted public improvements either with the city or in escrow with a responsible financial institution authorized to do such business in Idaho. In the case of an escrow account, the developer shall file with the city an escrow agreement which includes the following terms:
1. Funds of the escrow account shall be held in trust until released by the city and may not be used or pledged by the subdivider as security in any manner during that period other than as provided in this subsection. The funds may be used for payment of improvements as made, except that the escrow holder shall withhold from disbursement so much of the funds as is estimated by the city to be necessary to complete the construction and installation of such improvements, plus an overrun allowance as provided above.
2. In the case of the failure of the developer to complete any improvement within the required time period, the institution shall immediately make all funds in such account available to the city for use in the completion of those improvements.
(G) City Discretion: At the discretion of the city, the improvement guarantee may be in the form of separate bonds or checks covering individual portions or specific types of improvements, rather than one bond or check covering all required improvements.
(H) Occupancy Permit: Occupancy permits shall not be issued unless all improvements and conditions of approval have been fulfilled to the satisfaction of the building official or the applicant has filed an improvement guarantee for all such items.
(I) Release Of Guarantee: The administrator shall not authorize the city clerk to return the improvement guarantee or guarantees until the improvements related to the guarantee are completed to the satisfaction of the administrator. (Ord. 821, 2-23-2006, eff. 3-16-2006)