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A. Applicability

1. A performance guarantee, as described below, shall be for the completion of required improvements if landscaping, recreational facilities, committed elements, or required infrastructure including but not limited to stormwater, streets, sidewalks, or water and sewer improvements, has not been completed in accordance with the approved construction drawings, site plan, or plat as applicable.

2. For a project requiring multiple guarantees, a single guarantee may be posted in lieu of multiple guarantees. This allowance shall not apply to guarantees required for erosion control and stormwater control measures.

B. Amount

1. The responsible department shall require a performance guarantee in the amount of 125% of the reasonable estimated cost to complete the infrastructure or other improvement calculated as of the time the performance guarantee is issued, as determined by the applicable director or designee.

2. Any extension of the performance guarantee necessary to complete required improvements shall not exceed 125% of the reasonably estimated cost of completion of the remaining incomplete improvements still outstanding at the time the extension is obtained, as determined by the applicable director or designee.

C. Timing

The applicable department director or designee shall specify when a performance guarantee shall be submitted.