08-22 Council Ordinances - Laserfiche WebLink

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before issuance of a building permit, the applicant, as determined to be necessary by the Zoning Administrator, shall guarantee to the City the completion of all improvements as shown on the approved site plan and as required by the site plan approval. This guarantee shall be made by means of a site improvement performance agreement and a financial guarantee as provided below: (a) The applicant shall execute the site improvement performance agreement on forms provided by the City. The agreement shall be approved as to form and content by the City Attorney and shall define the required work and reflect the terms of this chapter as to the required guarantee for the performance of the work by the applicant. (b) The required work includes, but is not limited to private exterior amenities such as landscaping, private streets, parking areas, recreation fields, drainage systems, stormwater 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 percent for private improvements and 125 percent for public improvements of the approved estimated cost. The amount of any other approved financial instrument shall be determined by the Zoning Administrator. 57