[Amended 5-29-2001 by Ord. No. 14-2001; 2-27-2017 by Ord. No. 11-2017]
A. Before the City Planning Commission approves any final plan and as a prerequisite for approval, the subdivider shall deliver to the City Planning Commission or Director of Community Development, who will forward to the Finance Director, a performance guarantee in the amount of 110% of the cost of all public improvements required by this chapter, as estimated by the Director of Public Works, in a form and with a surety approved by the City Solicitor or such other collateral as the Planning Commission, with the approval of City Council, shall deem sufficient under the circumstances, guaranteeing the construction and installation of all such public improvements within a stated period, which shall not be longer than one year from the date of final subdivision approval. Upon written application signed by both the obligor and surety of performance guarantee, in a form approved by the City Solicitor or Council, the City Planning Commission may, at its discretion, extend such period by not more than three additional years or, when the improvements have been partially completed, reduce proportionately the amount of the performance guarantee by formal resolution.
B. Before the City Planning Commission approves any final plan and as a prerequisite for approval, the subdivider shall also deliver to the Planning Commission a maintenance guarantee in an amount of not less than 5% of the Director of Public Works' estimate of the cost of all improvements required by this chapter, guaranteeing that the subdivider shall maintain all such improvements in good condition for a period of one year after the completion of construction and installation of all such improvements.