Extracted standards
4 individual requirements pulled out of this section’s prose, each with the sentence it came from.
Other
- Maximum completion time for guaranteed improvements24 months
The maximum period for the developer to complete guaranteed improvements shall be 24 months, unless extended in accordance with subsection (b) below.
- Defect bond amount5 pct
The amount of the bond shall be five percent of the total construction cost of the improvement or a bond with surety satisfactory to the city attorney in an amount sufficient for coverage costs of remedy of defects appearing in such improvements within two years.
- Guarantee amount10 pct
The guarantee shall be provided in the following amount: total estimated cost of construction based on unit prices, approved by the agent; plus, an additional ten percent of the total estimated cost of construction to cover administrative costs, inflation, and potential damage to existing roads or facilities.
- Types of guarantees
The developer shall provide a guarantee to the city for acceptance by the agent or city attorney, such guarantee may be a: performance bond, letter of credit, or cash escrow.
From the ordinance
The developer shall provide a guarantee to the city for acceptance by the agent or city attorney, such guarantee may be a: performance bond, letter of credit, or cash escrow.