A. Notice. The owner of any property found to contain certain critical areas or buffers, on which a development project is approved, shall file for record with Snohomish County a notice approved by the city. Such notice shall identify in the public record the presence of any critical areas or buffers, the application of this chapter to the property, and state that limitations on actions in or affecting such areas may exist. The notice shall run with the land and failure to provide such notice to any purchaser prior to transferring any interest in the property shall be a violation of this chapter.

B. Performance Securities. The director may require the applicant of a development proposal to post a cash performance bond or other acceptable security in a form and amount determined sufficient to guarantee satisfactory workmanship, materials, and performance of structures and improvements allowed or required by application of this chapter. The director shall release the security upon determining that all requirements established by this chapter have been satisfactorily completed.

C. Performance, Maintenance, and Monitoring Bonds. The director may require the applicant whose development proposal is subject to a mitigation plan to post a performance, maintenance and monitoring bond or other security instrument in a form and amount determined sufficient to guarantee satisfactory performance for the period of time of the maintenance and monitoring period. The bond amount shall be no less than 125 percent of the estimated cost of the mitigation project including any plant materials, soil amendments, temporary irrigation, signs and monuments, and monitoring proposed. The duration of maintenance and monitoring obligations shall be no less than five years, unless determined otherwise by the director after consideration of the nature of the proposed mitigation and the likelihood and expense of mitigation failures. The director shall release the security upon determining that the mitigation plan has achieved satisfactory success. The performance standards of the mitigation plan shall be agreed upon by the director and the applicant during the review process and shall be specified in the mitigation plan. (Ord. 3193 § 2, 2016)