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57 <br />before issuance of a building permit, the applicant, as determined to be necessary by the Zoning <br />Administrator, shall guarantee to the City the completion of all improvements as shown on the <br />approved site plan and as required by the site plan approval. This guarantee shall be made by <br />means of a site improvement performance agreement and a financial guarantee as provided below: <br /> <br />(a) The applicant shall execute the site improvement performance agreement on forms <br />provided by the City. The agreement shall be approved as to form and content by the City Attorney <br />and shall define the required work and reflect the terms of this chapter as to the required guarantee <br />for the performance of the work by the applicant. <br /> <br />(b) The required work includes, but is not limited to private exterior amenities such as <br />landscaping, private streets, parking areas, recreation fields, drainage systems, stormwater basins, <br />sanitary sewer systems, water mains, wetland mitigation, wetland buffers, erosion control, curbing, <br />fences and screening, and other similar facilities. The required work shall also include all aspects <br />of a tree preservation plan, if applicable. <br /> <br />(c) A financial guarantee shall be submitted with the executed site performance <br />agreement as provided herein: <br /> <br />1. Financial guarantees acceptable to the City include cash escrow; an irrevocable <br />letter of credit; or other financial instruments which provide equivalent assurance to the City and <br />which are approved by the Zoning Administrator. <br /> <br />2. The term of the financial guarantee shall be for the life of the site improvement <br />performance agreement, and it shall be the responsibility of the applicant to ensure that a submitted <br />financial guarantee shall continue in full force and effect until the Zoning Administrator shall have <br />approved and accepted all of the work undertaken to be done and shall thereby have released the <br />guarantee or reduced the amount of the guarantee as provided in this chapter. <br /> <br />3. When any instrument submitted as a financial guarantee contains a provision for an <br />automatic expiration date, after which the instrument may not be drawn upon, notwithstanding the <br />status of the site performance agreement or of the required work, the expiration date shall be <br />October 31; further, it shall be the responsibility of the applicant to notify the City in writing, by <br />certified mail, at least 60 days in advance of the expiration date of the intention to renew the <br />instrument or to not renew the instrument. If the instrument is to be renewed, a written notice of <br />extension shall be provided 30 days prior to the expiration date; if the instrument is not to be <br />renewed, and has not been released by the Zoning Administrator, another acceptable financial <br />guarantee in the appropriate amount shall be submitted at least 30 days prior to the expiration. The <br />term of any extension shall be approved by the Zoning Administrator. Upon receipt of an <br />acceptable substitute financial guarantee, the Zoning Administrator may release the original <br />guarantee. <br /> <br />4. The amount of the financial guarantee shall be established by the Zoning <br />Administrator based upon an itemized estimate of the cost of all required work as provided by the <br />applicant. A cash escrow or irrevocable letter of credit shall be in the amount of 35 percent for <br />private improvements and 125 percent for public improvements of the approved estimated cost. <br />The amount of any other approved financial instrument shall be determined by the Zoning <br />Administrator.