Ordinances-2003-260

To protect the City of Tiffin against the cost of completing construction or correcting deficiencies, a performance guarantee in an amount equal to one hundred twenty-five percent (125%) of the approved estimate of cost for the proposed access and any associated improvements to a prescribed roadway shall be received from the developer prior to the issuance of the access permit. The period in which the performance guarantee will be in effect shall be specified by the City of Tiffin. Either an individual performance guarantee or a specific permit, or a blanket guarantee covering all permits may be used on a site-specific basis. Upon final inspection, approval and receipt of the as-built plans, the performance guarantee will be returned to the developer. A Performance guarantee may be taken out in the form of a bond from any bank or surety company licensed in Iowa. b. Maintenance Guarantees To protect the City against any failures in the access and associated improvements to the City streets, a maintenance guarantee in an amount equal to fifteen percent (15%) of the original amount of the performance guarantee shall be submitted by the developer upon satisfactory completion of all access improvements and prior to the release of the performance guarantee. The length of term for the maintenance guarantee shall be for two years following the completion, approval, and acceptance of the access improvements. All failures, which occur during the two-year period, shall be corrected by the developer and restored to satisfactory condition, subject to the approval of the City Council. A Maintenance guarantee may be taken out in the form of a bond from any bank or surety company licensed in Iowa. c. Escrow Accounts If it is determined that future improvements to a City street may be necessary as a result of the construction of an access (i.e. a traffic impact study prepared for a development staged or phased over a period of years concludes that a traffic signal/signal interconnection is not currently warranted but will be as subsequent stages or phases are completed). The developer/owner shall be responsible for all costs of the future improvements to a prescribed roadway as a result of the access. Funds sufficient for the future improvements to the prescribed roadway shall be deposited with the City Clerk in escrow to pay such costs. The deposit shall occur no later than the satisfactory completion of all improvements and the release of the performance guarantee. The amount to be in escrow shall be