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Memo to Mayor and City Council <br />February 27, 1995 <br />---------------------------------------------- <br />Page <br />• (4) Performance Guarantee. If required landscape improvements <br />have not been completed at the time a certificate is requested for <br />occupancy of a property, a financial guarantee to ensure <br />completion of the improvements shall be supplied prior to <br />issuance of the certificate of occupancy. The financial guarantee <br />shall be in an amount equal to approximately 50% of the value <br />of the uncompleted landscape improvements, and shall be <br />released upon completion of the required landscape <br />improvements. Developers who have posted a previous financial <br />guarantee in connection with the installation of public <br />improvements shall not be required to post a separate <br />guarantee, but the financial guarantee shall remain in place in <br />an amount equal to approximately 50% of the value of <br />uncompleted landscape improvements until all required <br />landscape improvements are completed. <br />In closing, the proposed code amendment is a culmination of numerous <br />comments received to amend this section of the ordinance. For the most part, <br />these amendments include reformatting this section of the ordinance, <br />clarifying certain requirements that are already listed, and including a few <br />• standards and statements consistent with the standards that have been most <br />recently implemented on projects such as Elk Park Center and Hillside <br />Crossing. <br /> <br />s:council:oa94-5xx <br />