The city council, upon recommendation of the planning commission, shall have the right and authority to require the developer to file with the city clerk following approval of the site plan and at the time of the application for a building permit, a performance bond or bank letter of credit in such amounts as may be determined by the said commission to insure installation of improvements in accordance with the approved site plan, including but not limited to roadways, lighting, utilities, sidewalks, screening and drainage. Such bond, if required shall continue for the duration of the construction and development of the site and any cash deposits shall be rebated in a reasonable proportion to the ratio of work completed on the required improvements.

(Ord. No. 615, § 1, 6-14-2023)