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As a condition precedent to the issuance of any permit for construction or demolition for a covered project, the applicant shall post a performance security (cash, letter of credit, performance or surety bond, money order) in the amount set forth by Council resolution. The performance security shall be returned, without interest, in total or pro-rated, upon proof of satisfaction of the RPA by the city’s Planning Department that no less than the required percentage of the construction and demolition material tonnage generated by the covered project has been diverted from disposal and has been recycled or reused or stored for later reuse or recycling. If a lesser percentage of construction and demolition material tonnage than required is diverted, a proportionate share of the performance security deposit shall be returned. The performance security shall be forfeited entirely or the pro-rated extent that there is a failure to comply with the requirements of this chapter. The city may, by formal resolution, modify the amount of the required performance security.
(Ord. 13-103, passed 6-5-2013)