A. Performance Bonds for Public Improvements. On all projects where public improvements are required, the City will allow concurrent construction of public and private improvements if the owner enters into a Site Plan Development Agreement stating that all private and public improvements shall be completed prior to certification of final occupancy. The City may require a bond or other adequate assurances in an amount not greater than 120 percent of the construction cost, as determined by the City, as a component of the Site Plan Development Agreement in order to guarantee the public improvements.

B. Release of Performance Bonds. The bond or assurance shall be released when the Community and Economic Development Director finds the completed project conforms to the approved Site Plan, including all conditions of approval.

C. Warranty Bond. The developer must file with the City a warranty bond executed by a surety company, or other financial security acceptable to the Community and Economic Development Director, to cover any public improvements constructed as part of the approved development. The warranty period must be one year beginning on the date of initial acceptance of the public improvements by the City. The bond must guarantee the workmanship of the public improvements and must be in the amount of 12 percent of the value of the improvements. The warranty bond must be effective for no less than 18 months.

D. Completion of Landscape Installation. Landscaping shall be installed in accordance with the land use approval prior to issuance of an occupancy permit. A security equal to 120 percent of the cost of the landscaping as determined by the Community and Economic Development Director may be accepted if winter weather prevents installation of the approved landscaping. The security shall assure installation within six months after occupancy. If the installation of the landscaping is not completed within the six-month period, the security may be used by the City to complete the installation. [Ord. NS-2463, 2023; Ord. NS-2445, 2022; Ord. NS-2251, 2015]