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utilize the use permitted in the variance. Such petition shall be presented to the Planning <br />Commission for a recommendation to the City Council for a decision. <br />922.040. PERFORMANCE SECURITX. In granting a variance, the City Council may <br />require a performance security where there are required improvements. Any such performance <br />security shall be subject to the following: <br />A. The City shall be provided with a cash escrow, letter of credit, or other financial security <br />acceptable to the City'; prior to the issuing of building permits or initiation of work on the <br />proposed improvements or development. Said security shall be non-cancelable and shall <br />guarantee conformance and compliance with the conditions of the variance or appeal and <br />the ordinances of the City. <br />B. The security shall be in the amount of one and one-half (i %z) times the City Engineer's or <br />Building Official's estimated costs of labor and materials for the proposed improvements <br />or development. <br />C. The City shall hold the security until completion of the proposed improvements or <br />development and a certificate of occupancy indicating compliance with the variance and <br />ordinances of the City has been issued by the City Building Official. <br />D. Failure to comply with the conditions of the variance or ordinances of the City shall <br />result in forfeiture of the security. <br />E. Any bond or security which has been forfeited to the City as a result of failure by the <br />applicant to comply with any conditions imposed as part of granting the variance request <br />or the ordinances of the City shall be deposited in the Little Canada General Fund. <br />Little Canada Zoning Ordinance Administration -Variances <br />922-4 <br />