(a) The City Council shall require irrevocable letter of credit, acceptable to the Council covering the estimated cost of developments be deposited with the City Clerk to insure faithful completion of the developments. The performance guarantee shall be deposited at the time of issuance of the permit authorizing the activity or project. The City shall not require the deposit of the performance guarantee until it is prepared to issue the permit.
(1) The performance guarantee shall include a schedule of costs assigned to several developments. Monies may be released, but are not required to be released to the applicant in proportion to the work completed and accepted on the various developments. The City reserves the right to retain all the funds until the project is fully completed and accepted by the City.
(2) Any partial release of funds shall leave a balance of not less than twenty percent of the guarantee, which shall be retained by the City until all work has been completed and subsequently inspected and approved by the City.
(3) If a project is judged to have been abandoned, and after at least ninety days since written notice to the landowner of such finding has passed, the City shall either complete such developments or restore the site to a pre-development condition, with its cost and reasonable administrative and legal charges to be drawn from the performance guarantee.
(b) The Planning Commission may as a condition of final site plan approval, require the proprietor to enter into a development agreement with the City. Such agreement shall set forth and define the responsibilities of the proprietor and the City.
(Ord. 916. Passed 8-18-10; Ord. 945. Passed 4-18-12.)