§ 151.221 OPEN SPACE IMPROVEMENT GUARANTEE.

   (A)   At the time of the application for final plat approval, the sub-divider shall provide a performance guarantee, in accordance with §§ 151.195 through 151.203, in the amount of the estimated cost of the proposed open space improvements.

   (B)   When the improvements are satisfactorily completed, the performance guarantee may be reduced to 10% of its original amount to be used as a maintenance guarantee for a one-year period. Improvements will then be inspected by the City Manager and, if acceptable, will be thereafter managed as open space by the city.

(Prior Code, § 23.09.07)