01/12/2022 Item 7A, ZOTA-Administration Section

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2-30 basins, sanitary sewer systems, water mains, wetland mitigation, wetland buffers, erosion control, curbing, fences and screening, and other similar facilities. The required work shall also include all aspects of a tree preservation plan, if applicable. (c) A financial guarantee shall be submitted with the executed site performance agreement as provided herein: 1. Financial guarantees acceptable to the City include cash escrow; an irrevocable letter of credit; or other financial instruments which provide equivalent assurance to the City and which are approved by the Zoning Administrator. 2. The term of the financial guarantee shall be for the life of the site improvement performance agreement, and it shall be the responsibility of the applicant to ensure that a submitted financial guarantee shall continue in full force and effect until the Zoning Administrator shall have approved and accepted all of the work undertaken to be done and shall thereby have released the guarantee or reduced the amount of the guarantee as provided in this chapter. 3. When any instrument submitted as a financial guarantee contains a provision for an automatic expiration date, after which the instrument may not be drawn upon, notwithstanding the status of the site performance agreement or of the required work, the expiration date shall be October 31; further, it shall be the responsibility of the applicant to notify the City in writing, by certified mail, at least 60 days in advance of the expiration date of the intention to renew the instrument or to not renew the instrument. If the instrument is to be renewed, a written notice of extension shall be provided 30 days prior to the expiration date; if the instrument is not to be renewed, and has not been released by the Zoning Administrator, another acceptable financial guarantee in the appropriate amount shall be submitted at least 30 days prior to the expiration. The term of any extension shall be approved by the Zoning Administrator. Upon receipt of an acceptable substitute financial guarantee, the Zoning Administrator may release the original guarantee. 4. The amount of the financial guarantee shall be established by the Zoning Administrator based upon an itemized estimate of the cost of all required work as provided by the applicant. A cash escrow or irrevocable letter of credit shall be in the amount of 35% for private improvements and 125% for public improvements of the approved estimated cost. The amount of any other approved financial instrument shall be determined by the Zoning Administrator. (c) At The applicant or the owner of land affected by such site and building plan review shall submit to the City at the time of site and building plan review application an amount for fee and deposit as required by City resolution or ordinance. 5. The applicant shall, upon completion of site and building plan review, submit to the City an agreement that they will cause all improvements called for in the site and building plan review to be completed within the time specified by the City. Performance of such contracts shall be secured by the amount submitted at application or additional amount as may be required by the City Council.the option of the City, the applicant may submit a separate financial guarantee for that portion of the required work consisting solely of landscaping improvements with another financial guarantee for all other exterior amenities and improvements which comprise the work. All trees shall be warranted to be alive, of good quality, and disease free for 12 months from the