A. In lieu of completing the required public improvements prior to approval, the applicant may request final approval, subject to the approval of a suitable guarantee. The guarantee must be in a form acceptable to the city and in an amount commensurate with improvements to be completed. The amount of the guarantee is established at 150 percent of the cost of the city having to construct the improvements. The guarantee amount will require yearly review by the city and the applicant will be required to revise the guarantee amount to reflect the current inflation rate. Based on the revised amount, the applicant will resubmit suitable guarantee to the city. Also, the guarantee will be restricted as far as the amount of permissible time in which the improvements must be completed. If not a regular surety bond from an acceptable state-approved surety, the guarantee must be in a form acceptable to the City Attorney.

B. Guarantee funds will not be released by the city unless approval has been received from all applicable departments that are responsible for acceptance and/or maintenance of such improvements. Partial releases may be allowed.

C. All improvements begun by the applicant must be completed. Once the applicant has begun making improvements, the applicant is not be eligible for submitting a guarantee to the city to cover the incomplete improvements.

D. Public improvements must be in place at time of certificate of occupancy or acceptable assurances for completion with a temporary certificate of occupancy.

E. At the time of final acceptance of the improvements, the applicant must provide to the city a two-year warranty guarantee at 10 percent of the established final cost of the public and/or off-site improvements which must be acceptable to the city. (Ord. 3040 § 2 (Att. A), 2019)