§ 18.128.050 — Performance Guarantees

A. Security. 1. As a condition of approval of an Architectural Review, Conditional Use Permit, Minor Modification, Minor Use Permit, Reasonable Accommodation, Temporary Use Permit, or Variance, upon a finding that the City's health, safety, and welfare warrant, the Review Authority may require the execution of a covenant and/or the provision of security in an amount sufficient to ensure the faithful performance of one or more of the conditions of approval of the permit in the event that the obligor fails to perform. 2. The applicant/owner may offer to provide adequate security for the faithful performance of a condition(s) of approval imposed as part of the approval process if the Director, in his or her sole discretion, determines that the condition(s) may be implemented at a later specified date (e.g., inability to install required landscaping due to weather conditions). 3. The security shall be in the form of a letter of credit or a corporate security bond, on a form acceptable to the City Attorney, or cash or a certified or cashier's check. 4. The amount of security shall be sufficient to fully cover the cost of satisfying the condition, as determined by the Director. The Director may require the applicant to submit one or more estimates and similar financial data to establish such cost. 5. The security shall remain in effect until all of the secured conditions have been performed to the satisfaction of the Director, in conjunction with the City Engineer, where applicable. 6. Security required in compliance with this Section shall be payable to the City. B. Release of Security. Upon satisfactory compliance (as determined by the Director) with all applicable provisions of the conditions specified in the approval/permit, the security shall be released. C. Failure to Comply. 1. Upon failure to perform any secured condition(s), the City may perform the condition, or cause it to be done, and may collect from the obligor all costs incurred, including administrative, engineering, legal, and inspection costs, including any additional costs exceeding the security, and measurable costs for administration. 2. Any unused portion of the security shall be refunded to the obligor after deduction of the cost of the work.