A. Upon approval of a variance, the City shall be provided, where deemed necessary by the City Council, with a performance security as approved by the City Attorney prior to the issuing of building permits or initiation of work on the proposed improvements or development. Said security shall guarantee conformance and compliance with the conditions of the variance and City ordinance provisions.
B. The security shall be in the amount equal to the Zoning Administrator's estimated costs of labor and materials for the proposed improvements or development.
C. The City shall hold the security until completion of the proposed improvements or development and a certificate of occupancy indicating compliance with the variance and this Code has been issued by the building official. (Prior Code § 20-6-7)
D. Failure to comply with the conditions of the variance and this Code shall result in forfeiture of the security in whole or in part depending upon the degree of noncompliance and at the discretion of the City Council. (Prior Code § 20-6-7; amd. 2018 Code)
E. Whenever a performance guarantee is imposed by the City, the applicant shall be required to enter into a performance agreement with the City. This agreement is to provide authorization to the City to utilize the posted security and complete stipulated work should the applicant fail to meet the terms and conditions of the variance. Said agreement shall hold harmless the City for completion of the work and address other matters as may be determined by the City Attorney. (Prior Code § 20-6-7)