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Completion of Improvements and Maintenance Guaranteed The deposit agreement shall be held by the Ci.ty and remain in effect until such time as the required improvements are completed in accordance with the requirements of these regulations. Partial releases of the cash deposit or reduc- tions in the letter of credit obligation may occur from time to time, as work on constructing improvements is per- formed, provided however that: 1. Release/Reduction: The Dire~or of Public Works shall partially release the cash deposit or reduce the letter of credit obhgation only alter construction, completion and installation of a defined phase of work on the improvemenu, receipt of requisite written approval from the appropriate inspecting authority, and approval by the Director of Public Works. The Director shall not release or reduce more than nine .ty percent (90%) of the cash deposit or letter of credit obligation. 2. Maintenance Guarantee: The developer shall be responsible for defects, deft- ciencies and damage to required improvements during development of the subdivision. The remaining ten percent (10%) of the cash deposit or letter of credit obligation shall constitute the maintenance guarantee xvhich shall be used by the City, to defray or reimburse any cost to the City for maintenance or repair of such improvements, which the developer fails or refuses to perform. Funds shall be so held until such time as the development is complete, as determined by the Direc- tor of Public Works. Funds shall then be released ff there are no defects or deficiencies found on inspection thereof, or at such time thereafter as any defects or deficiencies are cured x~ith the permission of, and within the time allowed by, the Director of Public Works. At the election of the developer, the cash deposit may be replaced ~Sth an irrevocable letter of credit approved by the City Attorney in the same amount. 29-34.4 Failure to Complete Improvements The obligation of the developer to construct, complete and install the required improvements shall not cease until the developer shall be finally released. If, after the improvement completion period, the required improvements are not constructed, completed, or installed, or if the do'eloper shall violate any provision of the det~sit agreement as determined by the Director of PubLic Works, the Dir~tor shall request the devel- oper or letter of credit provider to show cause, within not less than ten (10) days, why the City should not declare the developer in default. If the developer or surety' or letter of credit provider fails to cure any default or present compelling reason why no default should be declared, the Director shall declare the developer in default and may take any one or more of · the follo~Sng acts: D~m the balanm under the deposit a~eement not theretofore released as forfeited to the City, to be used to bring abeut the completion of the required improvements or other appropriate purposes in the interest of the public safely, health, and welfare; or Require the developer to submit an additional cash sum or letter of credit sufficient to guarantee the completion of the required improvements after recalculation in order to allow for any inflated or increased costs of constructing improvements. If the Director of Public Works, determines that forfeiture of the remaining deposit under l(a) above will not allow completion of the required improve- meats and ff the developer fails to comply ~5th the Director's requirements under l(b) above, the Director may: Suspend the right of anyone to build or construct on the undeveloped portion of the subdivision. For the purpose oftIris subsection. the undeveloped portion of the subdi~'ision means all lots other than lots which have been sold for personal use and occupancy or are under bona fide contract for sale to any person for personal use or occupanc'y. The Director shall give the developer ten (10) calendar days x, xitten notice of an chapt29.fin 4-9 .-ks approved by the Plan Commission on October 22, 1997