This Chapter shall govern the provisions, nature, use, and disposition of all improvement completion assurances which are required to be posted with or deposited for the benefit of the City by Title 11 or this Title.
(Ord. No. 05-2014 § 5, 02/18/2014; Ord. No. 23-2019 § 1, 11/19/2019)
The improvement completion assurance shall be one of the following, at the discretion of the developer:
(1) 
A deposit of cash in a separate escrow account in an amount not less than one hundred percent (100%) of the estimated cost of constructing the required landscaping or infrastructure improvements, as determined by the City, or, if the City has inspected and accepted a portion of the landscaping or infrastructure improvements, one hundred percent (100%) of the incomplete or unaccepted landscaping or infrastructure improvements. Said account shall be made with a financial institution approved by the City Administrator, or the Administrator's designee, and shall be established in such a manner that any release therefrom shall require the advance written consent of the City, and the City may receive a release on City's written notice. All interest earned from the account shall be the property of the developer.
(2) 
Cash, a surety bond, letter of credit, or other security that is acceptable to the City Administrator, or the Administrator's designee, in an amount not less than one hundred percent (100%) of the City Engineer's estimated cost of constructing or installing the required landscaping or infrastructure improvements.
(Ord. No. 05-2014 § 5, 02/18/2014; Ord. No. 23-2019 § 1, 11/19/2019)
The developer, or other person posting the improvement completion assurance provided for by this Chapter, shall be responsible for all materials and workmanship of the infrastructure improvements. At the completion of the work, or not less than thirty (30) days prior to the date the improvements are required to be completed, whichever occurs first, the person who posted the improvement completion assurance for infrastructure improvements shall contact the City Engineer to ensure that a final inspection is completed. The City Engineer, or the Engineer's designee, shall then make a preliminary inspection of the infrastructure improvements and shall submit a report to the Public Works Director setting forth the results of the inspection. If the condition of said infrastructure improvements is found to be satisfactory and all liens are paid, the Public Works Director shall authorize the release of the improvement completion assurance, except for the improvement warranty provided for in Section 14-5-205. If the condition of material or workmanship shows unusual depreciation or does not comply with Springville ordinances or the Springville Standard Specifications and Drawings, or if any outstanding liens are not paid, the matter shall be referred to the City Council; and in accordance with Section 14-5-206, the Council may declare the person giving the improvement completion assurance in default.
(Ord. No. 05-2014 § 5, 02/18/2014; Ord. No. 23-2019 § 1, 11/19/2019)
The developer, or other person posting the improvement completion assurance provided for by this Chapter, shall be responsible for all materials and workmanship of the landscaping. At the completion of the work, or not less than thirty (30) days prior to the date the landscaping is required to be completed, whichever occurs first, the person who posted the improvement completion assurance for landscaping shall contact the Buildings and Grounds Director to ensure that a final inspection is completed. The Buildings and Grounds Director, or his or her designee, shall then make a preliminary inspection of the landscaping. If the condition of the landscaping is found to be satisfactory and all liens are paid, the Buildings and Grounds Director shall authorize the release of the improvement completion assurance, except for the improvement warranty provided for in Section 14-5-205. If the condition of material or workmanship shows unusual depreciation or does not comply with Springville ordinances or the approved landscaping plans, or if any outstanding liens are not paid, the matter shall be referred to the City Council; and in accordance with Section 14-5-206, the Council may declare the person giving the improvement completion assurance in default.
(Ord. No. 23-2019 § 1, 11/19/2019)
The Public Works Director may, upon recommendation of the City Engineer and application of the person or entity who posted the improvement completion assurance, authorize up to four (4) partial releases of the improvement completion assurance. The first partial release of the improvement completion assurance will not be granted until at least twenty-five percent (25%) of the landscaping or infrastructure improvements has been completed and approved by the City. Excluding the first and last release, the City will not make a partial release of the improvement completion assurance for an amount less than twenty percent (20%) of completed landscaping or infrastructure improvements that have been approved by the City. The final twenty-five percent (25%) of the improvement completion assurance being held for each utility improvement (i.e., storm drain, sewer, culinary water, pressurized irrigation, etc.) shall not be released until all required testing for the utility has been completed, passed and approved by the City.
(Ord. No. 23-2019 § 1, 11/19/2019)
(1) 
The duration of the improvement completion assurance covering the construction of the required landscaping and/or infrastructure improvements shall equal the time period that the developer has to install the landscaping and/or infrastructure improvements plus thirty (30) days. The time period shall begin on the date of final approval of the improvement completion assurance by the City Administrator, or the Administrator's designee.
(2) 
Prior to the City's acceptance of a landscaping and/or infrastructure improvement, the developer shall:
(a) 
Execute an improvement warranty for the improvement warranty period; and
(b) 
Post a cash deposit, surety bond, letter of credit, or other similar security that is acceptable to the City Administrator in the amount of ten percent (10%) of the lesser of the:
(i) 
City Engineer's original estimated cost of completion; or
(ii) 
The developer's reasonable proven cost of completion.
(Ord. No. 05-2014 § 5, 02/18/2014)
(1) 
When the City Council shall determine that the person posting the improvement completion assurance or the improvement warranty guarantee has failed or neglected to satisfactorily install the required improvements or make required corrections, or to pay all liens in connection with said improvements, the Council may, after a public hearing on the matter, declare the improvement completion assurance, or any unreleased portion thereof, or the improvement warranty guarantee forfeited and thereafter may install or cause the required improvement to be installed or repaired using the proceeds of the guarantee to defray the expense thereof.
(2) 
In the event that the unreleased portion of the improvement completion assurance or the improvement warranty guarantee is not sufficient to pay all the cost and expense of such installation or repair, the City may maintain an action against the person giving the guarantee for the excess.
(Ord. No. 05-2014 § 5, 02/18/2014)