When in the judgment of the City Manager, it is not feasible to complete requirements or conditions imposed by statute or ordinance prior to the issuance of a permit, use, or occupancy, the improvement security may be accepted pursuant to this section to guarantee completion of the requirements or conditions.
A. Acceptance of Security: Improvement security may be accepted by the following departments in relation to requirements or conditions under departmental authority:
1. Landscaping, parking, parking lot lighting, signage, site amenities and furnishings: Planning Commission;
2. Right-of-way improvements, access locations, street improvements, curb, gutter, sidewalk, improvements related to driveways: City Engineer;
3. Sewer, water, utilities: Public Works Director;
4. Buildings. Structures, and all other improvements or deferrals: Building Inspector.
B. Types of Security: With the exception of improvements required under provisions of Title 10, the following types of surety may be accepted:
1. Certificate of deposit, cash, cashiers check, or savings account in favor of the City of Wellsville in the amount of one hundred and ten percent (110%) of the estimated cost of improvements;
2. Irrevocable letter of credit issued by a Federally insured financial institution in the amount of one hundred and ten percent (110%) of the estimated cost of improvements;
3. Escrow, draw-down, or performance account to which the City is a signatory and the escrow agent guarantees payment in the amount of one hundred and ten percent (110%) of the estimated cost of improvements;
4. Performance bond issued by a financial institution, insurance company, or surety company with a Moodys or Standard and Poors investment grade bond rating in the amount of one hundred and ten percent (110%) of the estimated costs of improvements.
C. Estimating The Cost Of Improvements:
1. The permit holder shall present the City with a firm construction bid for the improvements that shall be valid for at least six (6) months from the date of the bid.
2. The bid shall be reviewed by the City Engineer or the appropriate departmental authority prior to acceptance of the estimated cost.
3. If the City accepts the bid amount, the permit holder may use that amount for securing and delivering surety to the City,
4. If the City does not accept the bid amount, the permit holder shall obtain three (3) firm bids for the work to be secured with prices valid for at least six (6) months. The City shall accept the average of the three (3) bids as the base amount for improvement security. (Ord. 2019-04, 10-16-2019)