(A) Surety bonds. On major projects, the Planning and Zoning Commission may require bonds in such form and amounts as may be deemed necessary to assure that the work shall be completed in accordance with the permit. Bonds, if required, shall be furnished by the property owner, or other person or agent in control of the property. The amount of such bond shall not exceed the estimated costs of the total restoration work planned. Such estimation must be approved and signed off by the city engineer if no contractor estimate is available.
(B) Cash bond; instrument of credit. In lieu of a surety bond, the applicant may file a cash bond or instrument of credit with the City Clerk in an amount equal to that which would be required in the surety bond.
(Prior Code, § 11-1-6) (Ord. 2004-02, passed 5-17-2004; Ord. 2022-02, passed 4-13-2022) Penalty, see § 154.99