17.24.090 Bonding.
In order to ensure that the development will be constructed to completion in accordance with approved plans, the Planning Commission may require the developer to post a bond or mortgage or other valuable assurance acceptable to the governing body in an amount equal to the estimated cost, plus ten percent, of constructing all required landscaping, road improvements, street lighting, pedestrian ways, curbs and gutters, hard surfacing, sewer lines, and domestic sewage disposal facilities, as shown on the final site plan. An estimate of cost shall be furnished by the developer which will be checked for accuracy by the Planning Commission staff. Final determination of the amount of the bond or other assurance shall be made by the governing body.
1. The duration of the bond or other assurance shall be for two years from the date of approval of the development by the governing body and an extension of time for completion may be granted by the governing body upon application by the developers, provided such application is submitted at least sixty days prior to the expiration of the bond or other assurance and provided the issuer of the bond is willing to extend the time of the assurance.
2. In the event the developer defaults or fails or neglects to satisfactorily install the required improvements within two years from the date of approval of the development by the governing body or to pay all liens in connection therewith, the governing body may declare the bond or other assurance forfeited and the local jurisdiction may install or cause the required improvements to be installed using the proceeds from the collection of the bond or other issuance to defray the expense thereof.
3. The developer shall be responsible for the quality of all materials and workmanship. At the completion of the work, or not less than ten (10) days prior to the release date of the bond or other assurance, the Planning Commission shall cause a preliminary inspection of the improvements to be made and shall submit a report to the governing body setting forth the conditions of such facilities. If all liens are paid and other conditions thereof are found to be satisfactory, the governing body shall release the bond or other assurance. If the condition of material or workmanship shows unusual depreciation or does not comply with the acceptable standards of durability or if any of the outstanding liens are not paid, the governing body may declare the developer in default. (Ord. 111 §1, amended, 1985; Prior code §12-107-3(H))