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Memo to Planning Commission/OA 02-02 March 26,2002 Page 2 • Escrow Requirements In regards to escrows, the ordinance currently requires that an applicant submit a performance guarantee in the amount of 50 percent of the value of uncompleted landscape improvements. This is part of the landscaping requirements within the Zoning Code. Staff is suggesting that this requirement be deleted from the landscape area of the ordinance and be expanded to include all exterior improvements such as grading,detention ponds,blacktop and curbing,in addition to landscaping. The escrow requirement would appear in Section 900.38, Building Permits, Certificates of Occupancy, Fees. The escrow requirement is split into two parts;the first being residential escrows which would be required only when the site improvements could not be installed due to the season. Typically,all landscaping(seeding or sodding),driveway,sidewalk and grading improvements must be completed prior to the City issuing a certificate of occupancy on a residential dwelling unit. The second requirement applies to commercial and industrial properties. Staff is suggesting that a letter of credit in the amount of 3 percent of the construction value be submitted in order to issue the building permit. The letter of credit would be released one year after the landscaping is completed. This will insure that all exterior improvements will be installed and that the landscaping has survived one growing season,which will insure its viability. The letter of credit should reduce the amount of follow-up administration and provide an enforcement mechanism to encourage ordinance compliance. • Recommendation Staff recommends that the Planning Commission recommend approval of the ordinance amendment regarding certificates of survey and escrows. III S:\PLANNING\Case Files\OA 02-02 Certif Survey\PC memo 3-26.doc