The Director may allow reductions in performance guarantee amounts in accordance with the City’s cost estimate of the work remaining to be completed. No more than one reduction will be allowed except that two reductions may be allowed at the Director’s discretion for phased subdivisions. The reduction shall not exceed 70 percent of the initial guarantee value including contingency. The request for reduction shall be in writing, accompanied by a schedule for completion of remaining work. (Ord. 43-02 § 2 (27.50.070))