(A) Forms And Conditions Of Performance Guarantees: Performance guarantees must be made payable to the city in the form of a surety bond, letter of credit, certificate of deposit, or another surety instrument acceptable to the city council. The guarantee must be conditioned upon the performance of all work necessary to complete the specified improvements. Should the developer fail to properly install all improvements within the term of the guarantee, the city may draw on the funds to complete the improvements. Until official acceptance of the improvements by the city, the owner is responsible for all maintenance of the required improvements.
1. Amount: The amount of the guarantee must be a minimum of one hundred percent (100%) of the estimate of the probable cost of the improvements, estimated by the owner and approved by the city council.
2. Term: Guarantees must be posted for a minimum eighteen (18) month period. Upon request by the property owner, the city council, for good cause and with the approval of the provider of the guarantee, may extend the term for up to one additional year. However, as a condition of extension of the guarantee the city council is authorized to request an updated cost estimate and increased guarantee for the remainder of the outstanding improvements, if it determines that the original guarantee may no longer be sufficient to cover the current cost of the outstanding improvements.
3. Release Of Guarantee: The performance guarantee will be released when:
(a) All improvements are completed according to approved plans and the requirements of this title, and are certified by all appropriate agencies;
(b) Four (4) sets of approved as built plans for all improvements have been submitted to the city, including one mylar copy;
(c) Final waiver of liens for all materials and labor necessary for the installation of improvements is submitted; and
(d) Final acceptance has been made by the city council. (Ord. 1379, 6-9-2008)