12.06.100 Financial guarantees.
The owner shall submit financial guarantees as a guarantee of performing the work provided by an approved civil permit and as a guarantee of maintenance of the completed work. Financial guarantees may include bonds, cash set-asides, irrevocable lines of credit, or other types of guarantees accepted by the director and approved by the city attorney. At no time shall the financial guarantee for a civil permit duplicate financial guarantees for the same scope of work. Financial guarantees for stormwater-related work shall be established by the city’s stormwater management and site development manual. The financial guarantees for a civil permit shall be provided as follows:
A. Performance Guarantee. Prior to the issuance of a civil permit, the owner of the project shall submit a financial performance guarantee for all work related to the improvements proposed by the civil permit. The guarantee shall be in a form acceptable to the city attorney. The value of the financial performance guarantee shall be 125 percent of the project civil engineer’s opinion of probable cost of infrastructure that will be dedicated to the public at the completion of the civil construction, as approved by the director.
B. Maintenance Guarantee. Prior to release of a performance guarantee(s), the owner of the project shall submit a financial maintenance guarantee for a period of two years from the date of the release of the performance guarantee for all work related to the completed improvements. The guarantee shall be in a form acceptable to the city attorney. The value of the financial maintenance guarantee shall be 15 percent of the project civil engineer’s opinion of probable cost of infrastructure that will be dedicated to the public at the completion of the civil construction, as approved by the director. (Ord. 1348 § 1, 2016; Ord. 1169 § 6, 2009).