(1) No building permit shall be issued until the applicant has posted a performance bond or other approved security in a form satisfactory to the city attorney in such an amount to cover 150 percent of the estimated cost, as determined by the public works director, of all street and utility improvements required by the hearing examiner in granting planned development approval. All street and utility improvements must be completed within two years of approval of the final planned development.

(2) In the event that all street and utility improvements are not completed within the time limit specified in the performance bond or approved security, the bond or security may be forfeited and the city may undertake the installation and completion of all required street and utility improvements. (Ord. 517 § 1, 2016; Ord. 416 § 1, 2009. Formerly 18.63.170)