A. If the applicant does not complete required public improvements prior to final application approval, the applicant shall provide completion assurance for one hundred percent of the value of all required public improvements as determined by the city engineer. Completion assurance means a surety bond, letter of credit, financial institution bond, cash, or other equivalent security acceptable to the city to guaranty the proper completion of landscaping or a public improvement required as a condition precedent to recording a subdivision plat or development of a project requiring landscaping or public improvements.

B. The applicant’s completion assurance shall be held to guarantee that the required improvements will:

C. The purpose of the completion assurance is to enable the city to make or complete the required improvements in the event of the applicant’s inability or failure to do so. The city need not complete the required improvements before collecting on the completion assurance. The city may, in its sole discretion, delay taking action on the completion assurance and allow the applicant to complete the improvements if it receives adequate assurances that the improvements will be completed in a timely and proper manner.

D. A sum equal to ten percent of the total amount covered by the completion assurance shall be held and not released for a period of one year after all improvements are completed and final inspection is made by the city. This ten percent is to be used if repairs need to be performed on the improvements and the applicant fails to complete the repairs to the city’s satisfaction.

E. If, for any reason, the completion assurance provided for the guarantee of improvements is insufficient to properly complete the improvements, the applicant shall be personally liable to complete the improvements required by this chapter. If the applicant is a corporation, the principal officers of the corporation shall be personally liable to complete the improvements. (Ord. 2024-01 § 1 (Att. J))