17.15.140 Financial guarantees.
Notwithstanding any other provision of this title, the Director is authorized to require all applicants that are issued permits or approvals under the provisions of this title to post financial guarantees consistent with the provisions of CMC Title 14. Pursuant to RCW 58.17.130, an applicant may request recording of a subdivision prior to the completion of the construction of required improvements subject to the posting of a performance financial guarantee. Performance guarantees for subdivisions which record prior to completing all improvements shall be subject to the following requirements:
(1) A performance guarantee shall be posted with the Department in an amount equal to the Director’s estimate for such improvements as assurance that the applicant will, within two years from the date of recording of the final subdivision, complete the improvements in accordance with the requirements and to the satisfaction of the Development Engineer (as defined in this title or its successor);
(2) Requests for performance guarantees shall be in writing, shall be correlated with the original terms and conditions of preliminary approval, and shall be accompanied by a detailed schedule for completion of the improvements and conditions;
(3) Performance guarantees for improvements required pursuant to this title (or its successor) shall be sufficient to cover the cost of conformance with conditions of the preliminary approval and approved construction plans, including corrective work necessary to protect the public health, safety, and welfare;
(4) Maintenance guarantees and defect guarantees shall be posted with the Director:
(a) Prior to final construction approval and recording of the final plat when the applicant has constructed improvements in accordance with the approval of the Director and the Development Engineer; or
(b) Prior to final construction approval and the release of performance guarantees when the applicant has previously recorded the plat;
(5) Maintenance guarantees and defect guarantees shall be released following a final maintenance and defect inspection and, if applicable, acceptance of the facilities for City maintenance. (Ord. 13-19 § 5; Ord. 20-07 §§ 84, 97; Ord. 53-02 § 2 (19A.08.140); Ord. 43-02 § 2)