A. The City Council may grant one (1) extension of any performance bond or approved security required by this chapter not to exceed one (1) year provided that the request for an extension is filed with the Community Development Director at least sixty (60) days prior to the expiration date of the bond or security.

B. In the event that a time extension is granted, a new performance bond or other approved security shall be submitted in an amount sufficient to cover one hundred and fifty percent (150%) of the cost of completing utility and street improvements or landscaping improvements. The bond will be updated with new estimates of cost on all uncompleted improvements and all increased costs shall be passed onto the bond.

C. Departments issuing recommendations for new performance bonds or approved security shall not modify the terms and requirements of the bond or security other than to pass on all increased cost estimates as determined by the Municipal Services Director to the bond or security to cover the cost of completing utility and street improvements and/or landscaping improvements without the written consent of the applicant. (Ord. 2465, 5/12/09; Ord. 2144, 12/9/03; Ord. 1992, 11/14/00; Ord. 1900, 12/28/99; Ord. 1248, 1986; Ord. 1101, 1983)