Chapter 17.46


17.46.010    Performance bond.

17.46.010 Performance bond.

(a)    In lieu of completing and installing all required street, utility and other required improvements prior to the issuance of final approval for a plat, planned development or binding site plan, the applicant may post a performance bond or other approved security in a form satisfactory to the city attorney.

(b)    The performance bond or approved security shall be in an amount equal to one hundred fifty percent of the estimated cost, as determined by the city engineer, of such improvements, required by the city council in granting approval of the plat, planned development or binding site plan. Said estimated cost shall be determined by the city’s consulting engineer, and shall include cost of permitting, design engineering, bidding, construction, construction inspection and contract administration fully burdened and conditioned as a public works project with all attendant submittals and prevailing wage requirements.

(c)    All required improvements listed in the performance bond or approved security must be installed, completed, and accepted by the city within one year of the date of issuance of the final approval. In the event that all such improvements are not completed within the time limit specified in the performance bond or security, the performance bond or security may be forfeited and the city may undertake the installation and completion of all improvements. (Ord. 1812 § 1 (Exh. A)(part), 2015).