The City Council, after recommendation by the Planning Commission, or in its own discretion,
may require reasonable performance guarantees. The amount of the performance guarantee
shall be determined by the City Council based on a recommendation from the Planning
Commission. Such guarantees shall insure faithful compliance with all of the provisions
and requirements of the proposed PUD and construction and placement of all of the
improvements therein. In its discretion, the City Council, upon recommendation by
the Planning Commission, may rebate or refund a proportionate share of the amount
specified in a performance bond, letter of credit, or other written assurance, based
upon the percent or other portion of improvements completed, as verified by the Planning
Director.
(Ord. 349. Passed 1-20-01.)
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