(A) The subdivider and/or applicant may request a reduction to 30% of the total amount deposited only after 80% of the homes are closed and may reissue the “evergreen” letter of credit upon approval by the City Council.
(B) The City Council may release any remaining portion of all or any security posted as the improvements are completed and approved by the City Engineer. The City Manager shall reserve the right to release any remaining portion of all or any security posted as the improvements are completed and approved by the City Engineer if said security is less than 20% of the total amount deposited and less than $50,000.
(C) Prior to such release, the subdivider and/or applicant shall provide the City Engineer with a set of as-built drawings certified by his or her engineer.
(Ord. passed 9-27-2021) Penalty, see § 153.999