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provide a detailed estimate of the cost of <br /> the improvements for which the assurance <br /> device is required. The Planning/Community <br /> Development Director may use the estimate <br /> to determine the amount of the assurance <br /> device, but is not bound by the information <br /> submitted by the applicant in determining <br /> the appropriate amount. <br /> Responsibility: The assurance device shall <br /> specify the following information: <br /> a. The work or improvements covered by the <br /> assurance device. <br /> b. Either the period of time covered by the <br /> maintenance assurance device or the date <br /> after which the City will use the proceeds <br /> of the performance assurance device to <br /> complete the required work or improvements. <br /> 4. License Signed by the Owner of the Subject <br /> Property: In each case where the City requires <br /> or allows the applicant to establish an assurance <br /> device, the owner of the subject property shall <br /> provide in a form acceptable to the City <br /> Attorney, a license to run with the property <br /> which allows the City, its employees, agents or <br /> contractors to go on the property for the purpose <br /> of inspecting improvements required pursuant to <br /> this agreement, or to make or maintain the <br /> improvements covered by the assurance device. <br /> The license shall be valid for the length of time <br /> required for the work to be completed and <br /> accepted by the City. <br /> 5. Release of Assurance Device: After the work or <br /> improvements covered by a performance assurance <br /> device have been completed to the satisfaction of <br /> the City, or at the end of the time covered by a <br /> maintenance assurance device, the applicant may <br /> request the Planning/Community Development <br /> Director to release the assurance device. Prior <br /> to the release of the assurance device, the City <br /> shall verify that the work covered by the <br /> assurance device has been satisfactorily <br /> completed. <br /> 6. Use of Proceeds - Notice to Property Owner: If <br /> during the period of time covered by a <br /> maintenance assurance device or after the date by <br /> which the required work or improvements are to be <br /> complete under performance assurance device, the <br /> Planning/Community Development Director <br /> determines that the work or improvements have not <br /> been satisfactorily maintained or completed, <br /> he/she shall notify the applicant. The notice <br /> must state: <br /> a. The work that must be done or the <br /> improvement that must be made to comply <br /> with the requirements of the assurance <br /> device; and <br /> b. The amount of time that the applicant has <br /> to commence and complete the required work <br /> or improvements; and <br /> 11 <br /> I <br />