(A) Any property owner or developer engaging in land-disturbance activity subject to this chapter shall be required to submit a performance security prior to the issuance of any permit prescribed herein to ensure the proper installation of any storm water control facilities pursuant to an approved storm water management plan. The performance security shall be in an amount equal to the total estimated construction cost of the storm water control facilities approved under the plan, plus 10% of such cost. The performance security shall contain forfeiture provisions for failure to satisfactorily complete the facilities as required by the plan.
(B) The performance security shall be released in full only upon submission of “as-built plans” and a written certification by a registered professional engineer that all facilities have been installed and are operating in accordance with the approved plan and any other applicable provisions of this chapter. The approving agency shall make a final inspection of the storm water facilities to ensure that they are in compliance with the approved plan prior to release of the performance security. Provision for a partial, pro-rata release of the performance security based upon completion of various development stages may be approved at the discretion of the approving agency.
(Ord. 012-118, passed 10-8-2012)