To ensure compliance with the zoning ordinance and any condition imposed thereunder, the city may require that a cash deposit, certified check, irrevocable bank letter of credit or surety bond acceptable to the city, covering the estimated cost of improvements associated with a project for which site plan approval is sought, be deposited with the Clerk of the city to ensure faithful completion of the improvements.
A. The performance guarantee shall be deposited at the time of the issuance of the building permit authorizing the activity or project. The city shall establish procedures whereby a rebate of any cash deposits in reasonable proportion to the ratio of work completed on the required improvements will be made as work progresses.
B. This section shall not be applicable to improvements for which a cash deposit, certified check, irrevocable bank letter of credit or surety bond has been deposited pursuant to Public Act 288 of 1967, as amended.
C. As used in this section,
IMPROVEMENTS means those features and actions associated with a project which are considered necessary by the body or official granting approval to protect natural resources or the health, safety and welfare of the residents of the city and future users or inhabitants of the proposed project or project area, including roadways, lighting, utilities, sidewalks, screening, landscaping and drainage.