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G. Suitable Guarantee <br /> 1. Performance Guarantee Requirements for All Divisions or Redivisions of <br /> Land <br /> a) In lieu of completing the required improvements in the proposed division <br /> of land, the applicant may request final approval subject to the approval <br /> of a suitable guarantee. The guarantee must be in a form acceptable to <br /> the City and an amount commensurate with improvements to be <br /> completed. The amount of the guarantee is established at 100% of the <br /> cost of the City having to construct the improvements plus 20%. The <br /> guarantee amount will require yearly review by the City and the <br /> applicant will be required to revise the guarantee amount to reflect <br /> current inflation rate. Based on the revised amount, the applicant will <br /> resubmit a suitable guarantee to the City. Also, the guarantee will be <br /> restricted as far as the amount of permissible time in which the <br /> improvements must be completed. The guarantee must be acceptable to <br /> the City Attorney. <br /> b) Guarantee funds will not be released by the City unless approval has <br /> been received from all applicable departments that are responsible for <br /> acceptance and/or maintenance of such improvements. <br /> c) All improvements begun by the applicant must be completed. Once the <br /> applicant has begun making improvements, the applicant shall not be <br /> eligible for submitting a guarantee to the City to cover the incomplete <br /> improvements unless specifically approved by the City Engineer and/or <br /> City Council in accordance with final approval. If approved, the amount <br /> of the guarantee may exceed the limits noted in Section 7.G.1(a) to <br /> offset additional City exposure. <br /> 2. Warranty Requirements for Acceptance of Final Improvements <br /> a) At the time of final acceptance of the improvements, the applicant shall <br /> provide to the City a one year warranty guarantee at 10% of the <br /> established final cost of the improvements in a form which must be <br /> acceptable to the City Attorney. <br /> b) For the purpose of this Ordinance, final approval shall not be deemed <br /> given until such time as all of the required improvements have been <br /> satisfactorily installed in accordance with the requirements of <br /> preliminary approval. <br /> c) The Director shall require a maintenance assurance device acceptable to <br /> the City for common or private landscaped areas in accordance with <br /> Everett Zoning Code Subsection 40. <br /> 72 <br />