A. Financial Ability And Plan Submission: Whenever construction is to be undertaken which requires a building permit pursuant to the international building code (IBC), fees shall be set as provided in the international building code (IBC). In addition, prior to the issuance of two (2) or more active building permits to a developer, or any agent of a developer, for construction of single- or multiple-family residences or for construction of any commercial development or building, said developer shall provide sufficient indicia to the city council of financial ability and commitment to complete the project for which any building permit is sought. In the event that the construction of any private property project for which a building permit is sought shall cause damage to any public improvements, the city council may require the developer, prior to issuance of the building permit, to post a performance bond or cash deposit in the same manner as required under title 8, chapter 14 of this code to guarantee the repair and maintenance of such public improvements. Developers, as well as all others required by the IBC, are subject to building permit requirements. All building permits shall be accompanied by submission of such plan/drawing documents as may be required by the director of community development.
B. Definitions: As used in the foregoing:
ACTIVE BUILDING PERMIT: Any building permit issued for which there has not been a certificate of occupancy granted.
DEVELOPER: Any person or entity, or agent thereof, building or constructing a commercial development or building or a residence which is intended to be sold to another person or entity, or agent thereof, at its completion. It does not include owner-builders intending to occupy a residence upon its completion.
SUFFICIENT INDICIA OF FINANCIAL ABILITY AND COMMITMENT TO COMPLETE: That amount and type of evidence sufficient to cause a majority of the city council present to find that the developer has the financial ability and commitment, excluding some unforeseen circumstance, to complete the project for which a building permit is being sought. The council shall consider the following factors:
1. Performance history;
2. Rating with Dunn and Bradstreet, Standard and Poor, or a similar institution;
3. Method of project funding;
4. Commitments for project funding;
5. Existing commitment of resources to the project;
6. Anticipated project costs; and
7. Any other evidence found to be relevant and reliable by the council. (Ord. 2005-07, 12-20-2005)