1. In lieu of completing the required improvements in the proposed division of land, the applicant may request final approval subject to the approval of a suitable guarantee. The guarantee must be in a form acceptable to the city and an amount commensurate with improvements to be completed. The amount of the guarantee is established at one hundred percent of the cost of the city having to construct the improvements plus twenty percent. The guarantee amount will require yearly review by the city and the applicant will be required to revise the guarantee amount to reflect current inflation rate. Based on the revised amount, the applicant will resubmit a suitable guarantee to the city. Also, the guarantee will be restricted as far as the amount of permissible time in which the improvements must be completed. The guarantee must be acceptable to the city attorney.

2. Guarantee funds will not be released by the city unless approval has been received from all applicable departments that are responsible for acceptance and/or maintenance of such improvements.

3. All improvements begun by the applicant must be completed. Once the applicant has begun making improvements, the applicant shall not be eligible for submitting a guarantee to the city to cover the incomplete improvements unless specifically approved by the city engineer in accordance with final approval. If approved, the amount of the guarantee may exceed the limits noted in the provisions of this section to offset additional city exposure.

1. At the time of final acceptance of the improvements, the applicant shall provide to the city a one-year warranty guarantee at ten percent of the established final cost of the improvements in a form which must be acceptable to the city attorney.

2. For the purpose of Chapters 19.24 through 19.27 EMC and this title, final approval shall not be deemed given until such time as all of the required improvements have been satisfactorily installed in accordance with the requirements of preliminary approval.

3. The planning director shall require a maintenance assurance device acceptable to the city for common or private landscaped areas in accordance with Chapter 19.41 EMC. (Ord. 3774-20 § 5(N) (Exh. 3), 2020.)