(A) (1) The applicant for any covered project shall submit a performance security to the city with the WMP.
(2) The amount of the performance security shall be calculated as $0.20 per square foot of the floor area of the building, structure or facility to be constructed, remodeled or demolished, or $250, whichever is greater.
(B) (1) An applicant may maintain a performance security with the city that can be applicable to more than one covered project.
(2) The amount of the performance security shall always be at least equal to $0.20 per square foot of floor area for an applicant's covered projects for which a WMP has been approved but for which a final report has not yet been submitted.
(Ord. 2003-08 § 2 (part), 2003)