17.78.110 Performance assurance.
A. Landscaping required pursuant to an approved project permit application shall be installed prior to the issuance of certificate of occupancy or final inspection, unless the property owner submits a performance assurance equal to not less than 110 percent of a contractor’s bid and which commits to install the landscaping within one year.
B. Performance assurance devices shall take the form of one of the following:
1. A surety bond executed by a surety company authorized to transact business in the state in a form approved by the city attorney;
2. Cash;
3. A letter of credit approved by the city attorney from a financial institution stating that the money is held for the purpose of development of the landscaping;
4. Assigned savings pursuant to an agreement approved by the city attorney.
C. If a performance assurance device is employed, the property owner shall provide the city with a nonrevocable notarized agreement granting the city and its agents the right to enter the property and perform any required work remaining undone at the expiration of the assurance device.
D. If the developer/property owner fails to carry out provisions of the agreement and the city has incurred costs or expenses resulting from such failure, the city shall call on the bond or cash deposit for reimbursement. If the amount of the bond or cash deposit is less than the cost and expense incurred by the city, the developer shall be liable to the city for the difference. If the amount of the bond or cash deposit exceeds the cost and expense incurred by the city, the remainder shall be released. (Ord. 1197 § 45, 2010; Ord. 710 § 80, 1996; Ord. 573 § 2, 1990).