E. Installation and Maintenance
(1) Prior to issuance of a Certificate of Occupancy, the approved artwork shall be installed in accordance with approved plans, unless the Director agrees to an extension of time of up to six months. If an extension of time is granted, then prior to the issuance of the Certificate of Occupancy, a cash deposit or an irrevocable letter of credit in an amount guaranteeing the complete installation of the artwork within six months of the issuance of the Certificate of Occupancy shall be deposited by the owner or developer with the City. Failure to completely install the artwork approved by the Director within the six months of the issuance of the Certificate of Occupancy shall result in forfeiture of the deposit or letter of credit and the money deposited shall be credited to the Art in Public Places Fund.
(2) The owner of the development shall be responsible for the proper upkeep and maintenance of the artwork within the proposed development.
(3) In the event that any artwork placed on the development as a result of this Section 5.9 is removed or destroyed, the owner or developer shall, within 180 days of the removal or destruction:
a. Replace it with artwork that meets the requirements of this Section 5.9 and is equal to the removed/destroyed artwork’s fair market value immediately prior to its removal or destruction; or
b. Make a cash payment to the City of Sedona Art in Public Places Fund in an amount equal to the square foot gross floor area of the development multiplied by the minimum investment requirement set forth above that is applicable at the time of the removal or destruction of the artwork.