A letter of credit or acceptable equivalent security must be delivered to the City to guarantee that the applicant will construct and complete the required improvements as indicated on the approved site plan or subdivision plat. The Planning Board may waive the requirement for a performance guarantee if the estimated cost of site improvements is less than $10,000 with approval by the Department of Public Works.
A. Establishment of performance guarantee.
1. The performance guarantee must cover the full estimated cost of required off-site improvements within the public right-of-way and areas to be dedicated to the City or utilities to be dedicated to the City and 25% of the full estimated cost of required on-site improvements. These improvements may include grading, curbs, sidewalks, utilities, street lighting, driveways, parking lots, plantings, signs, and the like.
2. Estimates of construction costs are to be submitted to the Planning Board by the applicant's New York State licensed professional engineer or landscape architect. The Department of Public Works must review and revise estimated costs in accordance with current construction standards and practices or as modified by the Planning Board.
3. The performance guarantee must comply with the requirements of the adopted City Council policy, as may be amended from time to time.
4. The performance guarantee must be valid for no less than 12 months and expires at quarterly intervals. Upon completion of all required construction, and with approval of the Department of Public Works, the City will cancel the performance guarantee by written notice to the applicant.
B. Amendment and/or extension to performance guarantee. An applicant may request to extend and/or amend the original performance guarantee. The Planning Board Chairperson, in consultation with staff, may act upon the request administratively and report such action to the Board in a timely manner, or may refer the request to the Planning Board for its review. All requests to extend or amend must be approved by the Department of Public Works. All applications for amendment or extension must be accompanied by the required fee.