(a) Required. The developer of a Shopping Center District shall execute and file with the City financial guarantees in lieu of actual installation and completion of the site improvements as indicated and as approved on the final development plans.
(b) Type. The guarantee may be in the form of a performance or surety bond, a certified check or any other type of paid corporate surety approved by the Director of Law and in a form approved by him.
(c) Amount. The financial guarantee shall be in an amount equal to the estimated total cost of materials and labor required to install or construct the site improvements, including parking and loading areas, drives, walks, landscaped courts, malls and yards, outdoor lighting, grading, drainage and sanitary sewerage system, in conformance with the final development plan as approved by the Planning Commission. Such costs shall be estimated by the Director of Engineering.
(d) Terms. The terms of such guarantees shall be determined by Council. However, they shall not be for a longer period than two years unless Council, by a majority vote, extends the time. Bonds shall be executed by the applicant, as principal, with a paid corporate surety authorized to do business in the State.
(e) Stage Development. If a developer applies for and receives final approval of only a portion of the development plan, the required guarantee shall be in an amount equal to the cost of planned site improvements, as listed in subsection (c) hereof, on such portion of the proposed development.
(f) Failure to Complete Improvements. In the event the developer fails to complete the installation of all land improvements, as listed in subsection (c) hereof, and in conformance with the final development plan as approved and according to the terms and conditions of the agreement, the City, upon proper notice, may complete same and appropriate such portion of money or bonds posted for the performance of such work.
(Ord. 1959-97. Passed 12-17-59.)