(A) (1) Performance bonds, cash deposits, or other forms of security acceptable as to type and amount to the city shall be provided by the applicant to the City Clerk (see § 153.563).
(2) Such security shall be for construction of all public site improvements shown on the approved area plan.
(B) (1) The applicant shall submit a cost estimate of the improvements to be covered by the guarantee and verified as to amount by the city’s Department of Public Services and Engineering.
(2) The city may release portions of a deposit in relation to work completed and approved upon inspection as complying with the approved plan; provided, however, that the balance on deposit will be sufficient to complete remaining public site improvements.
(3) In the event that the applicant shall fail to provide improvements according to an approved plan, the city shall have the authority to have such work completed and to reimburse itself for costs of such work by appropriating funds from the deposited security, or may require performance by the bonding company.
(Prior Code, § 153.430) (Ord. D-1418, § 2106, passed 11-22-1982, effective 1-21-1983)