(1) Mitigation required pursuant to a development proposal should be completed prior to final project approval. When the Director of Community Development determines it is not feasible for required mitigation to be completed prior to final project approval, the Director of Community Development shall require the applicant to post a financial guarantee in a form and amount deemed acceptable by the Director of Community Development. Acceptable financial guarantees include, but are not limited to, cash, bond, promissory note, or letter of credit.

(2) Once mitigation measures have been completed, the Director of Community Development may require a financial guarantee for maintenance of said mitigation measures.

(3) The financial guarantee shall be in the amount of 125 percent of the estimated cost of the improvements or the estimated cost of restoring the functions and values of the critical area that are at risk, whichever is greater.

(4) The financial guarantee shall remain in effect until the Director of Community Development determines, in writing, that the standards bonded for have been met. Financial guarantees for maintenance shall be held by the city for a minimum of five years to ensure that the required mitigation has been fully implemented and demonstrated to function, and may be held for longer periods when necessary.

(5) Depletion, failure, or collection of financial guarantee funds shall not discharge the obligation of an applicant or violator to complete required mitigation, maintenance, monitoring, or restoration.

(6) Public development proposals shall be relieved from having to comply with the requirements of this Section if public funds have previously been committed for mitigation, maintenance, monitoring, or restoration.

(7) Any failure to satisfy critical area requirements established by law or condition including, but not limited to, the failure to provide a monitoring report within 30 days after it is due or the failure to comply with other provisions of a mitigation plan may be deemed by the Director of Community Development to constitute a default, and the Director of Community Development may demand payment of any financial guarantees or require other action authorized by the Pullman City Code or any other law.

(8) Any funds recovered pursuant to this Section shall be used to complete the required mitigation. (Ord. 21-15 §6, 2021; Ord. 03-18 §24, 2003).