In the event that the developer shall seek a temporary certificate
of occupancy for a development, unit, lot, building, or phase of development,
as a condition of the issuance thereof, the developer shall furnish
a separate guarantee, referred to herein as a "temporary certificate
of occupancy guarantee," in favor of the City in an amount equal to
120% of the cost of installation of only those improvements or items
which remain to be completed or installed under the terms of the temporary
certificate of occupancy and which are required to be installed or
completed as a condition precedent to the issuance of the permanent
certificate of occupancy for the development, unit, lot, building
or phase of development and which are not covered by an existing performance
guarantee. Upon posting of a temporary certificate of occupancy guarantee,
all sums remaining under a performance guarantee, required pursuant
to § 35-6.2C1a, which relate to the development, unit, lot,
building, or phase of development for which the temporary certificate
of occupancy is sought, shall be released. The scope and amount of
the temporary certificate of occupancy guarantee shall be determined
by the Zoning Officer, City Engineer, or other municipal official
designated by ordinance. At no time may the City hold more than one
guarantee or bond of any type with respect to the same line item.
The temporary certificate of occupancy guarantee shall be released
by the Zoning Officer, City Engineer, or other municipal official
designated by ordinance upon the issuance of a permanent certificate
of occupancy with regard to the development, unit, lot, building,
or phase as to which the temporary certificate of occupancy relates.