(A) The City Council shall have the authority to require a performance bond or other securities when it is deemed necessary and appropriate.
(B) Except in the case of non-income producing residential property, upon approval of a variance or appeal the city may be provided with a surety bond, cash escrow, certificate of deposit, securities, or cash deposit prior to the issuing of building permits or initiation of work on the proposed improvements or development. The security shall guarantee conformance and compliance with the conditions of the variance or appeal and the ordinances of the city.
(C) The security may be in the amount of the City Council’s estimated costs of labor and materials for the proposed improvements or development.
(D) The city may hold the security until completion of the proposed improvements or development and a certificate of occupancy indicating compliance with the variance or appeal and ordinances of the city has been issued by the city Zoning Administrator.
(E) Failure to comply with the conditions of the variance or appeal and/or ordinances of the city may result in forfeiture of the security.
(Ord. 134/94, passed 3-24-94)