§ 17.68.040. Improvement agreements.

A.

City Attorney approval. The improvement agreement and form of financial security shall be satisfactory to the City Attorney.

B.

Amount of security. The amount of the financial security shall be the total cost of the improvements subject to the agreement, as estimated by a registered professional engineer, or other qualified professional as appropriate, plus thirty-five (35) percent. The City Engineer may require the developer to submit a second cost estimate from another source to verify the cost of the improvements.

C.

Content. An improvement agreement shall contain the following:

1.

A list of all on-site and off-site improvements subject to the agreement.

2.

Detailed construction plans and cost estimates for the improvements subject to the agreement. A registered professional engineer shall prepare the plan and estimates for all work elements requiring engineering. Other professionals, as appropriate, shall prepare plans and estimates for those work elements not requiring engineering.

3.

A timetable for completing each of the improvements subject to the agreement.

4.

A description of the type of financial security used to secure the completion of the improvements subject to the agreement.

5.

A provision allowing the City to claim the financial security when the developer has not satisfactorily completed the improvements by the date specified in the agreement or has not otherwise complied with the terms of the agreement.

6.

The financial security shall be released in full only upon submission of as-built plans when required and written certification by a registered professional engineer, or other qualified professional, that the improvements have been installed in accordance with the development approval and other applicable provisions of this Title.

7.

A provision stating that the City may release a portion of the financial security in an amount equal to one hundred thirty-five (135) percent of the estimated cost of the improvement that has been satisfactorily completed.

8.

A provision that the developer indemnifies, defends, and holds the City, its employees, agents and assigns harmless from and against any and all liabilities, loss, claims, causes of action, judgements and damages resulting from or arising out of the execution of the improvement agreement.

9.

A provision stating that if the developer has not satisfactorily completed the improvements by the date specified in the agreement, the City can use a portion of the security as reimbursement for time and expense in administering the installation and inspection of the improvements subject to the agreement,

10.

A provision stating that the City Engineer must inspect the improvements to verify compliance with the development approval and this Title before releasing the financial security, in whole or part.

11.

The term of the agreement.

12.

A provision allowing amendment with the written consent of all parties, provided the minimum requirements of this Title are satisfied.

13.

Any other provision deemed appropriate by the City to accomplish the purposes of this Title and to protect its interests.

14.

A provision that the developer indemnifies and holds the City, its employees, agents, and assigns harmless for and against all claims, attorney fees, judgments, demands and/or liability of every kind and nature, arising out of, or attributable to soil conditions and/or groundwater associated with the property being developed.

D.

Types of financial security. The following types of financial security may be acceptable:

1.

Cash paid directly to the City Treasurer and held in a separate account.

2.

As irrevocable letter of credit from an approved financial institution.

3.

Cash escrow held by the City or an approved escrow agent and subject to an executed escrow agreement.

4.

Bank assignment of funds.

5.

Performance bonds, at the discretion of the City Attorney.

(Ord. No. 3056, § 1, 8-17-2010)