Performance Security Reductions. A Performance Security may be reduced prior to Final Acceptance of all required Public Improvements. To qualify for a Performance Security reduction, the Responsible Party must complete the Public Improvements in compliance with the approved plans, specifications, and standards as determined by the City Engineer. Each reduction allowed will be in the amount of the estimated cost, prepared and certified by the Responsible Party’s Engineer, of the part of the subdivision improvements accepted in writing by the City Engineer. In no event shall the Performance Security be reduced to less than Ten percent (10%) of the Engineer’s Estimate for all subdivision improvements until all Public Improvements are completed, accepted by the City Engineer, and the Warranty Security is in place. A request for reduction in the Performance Security may be made no more frequently than every Thirty (30) days. Upon receipt of a reduction request, the City Engineer will respond to the Responsible Party within Seven (7) working days and either approve or deny the request.
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