The applicant may submit a request to the planning director to release collateral
when obligations specified in the development agreement have been completed. All requests
for release of collateral must include inspection logs; test results; letters of acceptance
by the appropriate authority; and a letter of substantial compliance from the applicant's
engineer or other evidence of successful completion of the improvements as required
by the planning director.
B.
The planning director in his/her discretion may grant partial releases but only for
complete categories of improvements. (For example, when all water lines are complete
and inspected and accepted by the appropriate water utility, the applicant may request
release of the collateral designated in the cost estimates for water lines.)
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