As a condition of approval of the site plan, the developer shall provide security to the Director of Planning and Development to assure execution and completion of the development according to the approve site plan. The security shall be in an amount sufficient to off-set the costs of completing the improvements set forth in the site plan and may include the deposit of certified funds into an escrow account with a lending institution authorized to conduct business in the state as escrow agent, or issuance of an irrevocable standby letter of credit from an institution authorized to conduct banking business in the state, or other security as may be agreed upon by the Director of Planning and Development and the developer. In the event the developer fails or refuses to execute and complete the improvements as specified in the site plan, the city, through the Director of Planning and Development, shall be permitted to enter upon the site and take appropriate action to complete the site plan improvements, drawing the funds as are necessary as an authorized payee under the respective security arrangement chosen by the developer and accepted by the Director of Planning and Development.
(1980 Code, § 29.1506) Penalty, see § 162.999