18.17.080 Construction prerequisites – Security – Other forms.
Alternative forms of security may be acceptable; provided, that:
A. In the determination of the City Engineer, the costs of completing the improvements being secured for a project do not exceed $5,000,000.
B. In the determination of the Finance Director, the proposed security is backed by a guarantee and/or pledged assets with a net value equal to at least 50 times the estimated cost of the improvements being secured.
C. In the determination of the City Attorney, there exist adequate remedies to access such security in the event that the party obligated to construct such improvements defaults on such obligation.
D. The form of such security and the terms and conditions upon which such security may be accepted are subject to the approval of the City Attorney and the City Engineer. Such conditions shall include, at a minimum:
1. The right of the City to require that conventional replacement security be submitted for any uncompleted secured improvements at the time a certificate of occupancy is issued for the project.
2. Developer’s agreement to pay the City’s attorneys’ fees and costs if the City must enforce its remedies under the alternative security arrangement. (Ord. 3153 § 2 (Exh. C), 2010).