PERFORMANCE GUARANTEES
Completion Assurance shall be executed by financial institutions acceptable to the City, and must be in the form approved by the City. The completion assurance as required by this section must be posted prior to recording. In order to guarantee completion of improvements, subdivider shall provide one of the following types of completion assurances:
A maximum of 90% of the cash bond or letter of credit shall be eligible for release as the improvements are completed according to the approved engineering drawings. Only one release may be completed every 30 calendar days. 10% of the bond shall be retained until the City improvements in a subdivision are accepted by the City Engineer. The improvements shall not be accepted by the City Engineer until as-built drawings and grading reports are received, and the final inspection by the City Engineer and resulting punch list items are completed by the subdivider.
Escrow: As the required improvements are satisfactorily installed and have been inspected by the City, funds which have been placed in escrow for those improvements will be authorized to be released for payment. Escrow holder is authorized to release funds from this account only after receiving a written release from City. The City is not responsible to determine the party to be paid.
If construction has not commenced within two (2) years from the date of preliminary plat and/or construction drawing approval, the City shall notify the applicant at the time of construction commencement of the requirement to update the construction drawings, if needed. Such updating of the construction drawings shall be coordinated between the City staff and the applicant. In the event of an appeal to the updating of the construction drawings by the applicant, the City Council shall be the appeal authority. This requirement shall be effective and binding on preliminary plats and construction drawings submitted after February 6, 2008.