Chapter 19.09
PERFORMANCE ASSURANCE AND GUARANTEE
Sections:
19.09.020 Performance assurance.
19.09.010 Purpose.
The purpose of this chapter is to allow individuals developing property to post a performance assurance device in a sufficient amount to guarantee and warranty the construction of required improvements, and to protect public property. (Ord. 21-28 § 5 (Exh. A), 2021)
19.09.020 Performance assurance.
Except where specified, all improvements shall be fully completed prior to the final approval of a project permit, land divisions, issuance of a certificate of occupancy or actual occupancy, as directed by applicable codes or regulations, unless an alternative performance assurance device, a contractual agreement, an agreement and partial funding for a local improvement district (LID), or bond between the developer and the local jurisdiction has been executed and approved in accordance with this section. (Ord. 21-28 § 5 (Exh. A), 2021)
19.09.030 Criteria.
A. The performance assurance device shall be approved by the department as appropriate and shall be in a form acceptable to the city attorney.
B. Except as may be specified elsewhere in city code, the performance assurance device shall be for a period of not more than one year for each phase of development, unless a time schedule for the performance assurance device is approved by the review authority. The time period may be extended depending on the type of project and phasing schedule.
C. If a performance assurance device or evidence of a similar device is required, the review authority shall determine the specific type of assurance device required in order to ensure completion of the required conditions of approval. The value of the device shall equal at least 125 percent of the estimated cost of the required improvements and shall be utilized by the city to perform any necessary work, and to reimburse the city for documented administrative costs associated with action on the device. If costs incurred by the local jurisdiction exceed the amount provided by the assurance device, the property owner shall reimburse the city in full, or the city may file a lien against the subject property for the amount of any deficit.
D. If the performance device or evidence of a similar device is required, the property owner shall provide the local jurisdiction with an irrevocable notarized agreement granting the city and its agents the right to enter the property and perform any required work remaining uncompleted at the expiration of the completion date(s) identified in the assurance device.
E. Upon completion of the required work by the property owner and approval by the city, at or prior to expiration of the completion date(s) identified in the assurance device, the city shall promptly release the device or evidence thereof.
F. If bonds or securities are to be used, the review authority shall determine the specific type of assurance device required. The value of this device shall equal at least 125 percent of the estimated cost of the improvement to be performed. If costs incurred by the city exceed the amount provided by the assurance device, the property owner shall reimburse the city in full, or the city may file a lien against the property for the excess amount. (Ord. 21-28 § 5 (Exh. A), 2021)