A guarantee in the form of a cash deposit, certified check, irrevocable bank letter of credit, surety bond, etc., in a form acceptable to the City, may be required by the City to be provided by a project developer. The amount of such guarantee may be made by the City to cover all improvements not normally covered in a building permit, such as, but not limited to, landscaping, including earth berms; walls; lighting; surfacing of drives; parking; vehicle maneuvering lanes, including acceleration and deceleration lanes; other traffic control and traffic circulation improvements; sidewalks; etc. The guarantee shall include a schedule of costs assigned to the several improvements. Moneys may be released to the applicant in proportion to the work completed and accepted on the various improvements. Any partial release of funds shall leave a balance of not less than ten percent of the guarantee, which balance shall be retained by the City until all work has been completed and subsequently inspected and approved by the City.
(Ord. 458. Passed 1-4-89.)