As a prerequisite to the issuance of a conditional zoning certificate for a PUD, the applicant shall file with Council prior to approval of any building or construction plans a surety bond or escrow agreement to insure the construction of the project within the period specified in the conditional zoning certificate or as extended or changed by the Planning Commission. The bond or escrow shall be enforceable by or payable to the City in a sum at least equal to the estimated costs of all of the site improvements (streets, drives, walks, walls, storm and sanitary sewers, open space improvements, recreation facilities, landscape planting, ornamental features not on a building, and terraces, but not buildings) for the entire project. The bond or escrow shall be in a form and with surety and conditions approved by the law director. In the event of default under such bond or escrow, the City may use the sum defaulted to construct such site improvements to the extent of the funds available.
(Ord. 2007-222. Passed 1-10-08.)
(Ord. 2007-222. Passed 1-10-08.)