(A) Removal and performance. The applicant and the owner of record of any proposed new tower or other support structure or complex shall, at its sole cost and expense, be required to execute and file with the city a bond or other form of security that is acceptable to the city as to the type of security and the form and manner of execution, in an amount of at least $75,000 for a tower or other support structure and with such sureties as are deemed adequate by the city to assure the faithful performance of the terms and conditions of this section and conditions of any conditional use permit issued pursuant to this section. The full amount of the bond or security shall remain in full force and effect throughout the term of the conditional use permit and/or until any necessary site restoration is completed to restore the site to a condition comparable to that, which existed prior to the issuance of the original conditional use permit. The amount of the bond is, in part, determined by the current cost of demolition, removal and site restoration multiplied by the compounding or cumulative effect of a 3% annual cost escalator over a 30 year projected useful life of the structure.
(B) Performance. The owner of any equipment attached to a support structure or located in a complex shall be required to execute and file with the city a performance bond or other form of performance security that is acceptable to the city as to the type of security and the form and manner of execution, in the amount of $25,000.
(Ord. 2016-4-26-38, passed 4-26-2016)