(A) Purpose. Whenever an application presented to the city requires or proposes the installation, construction or dedication of public improvements to the city, the city shall require financial security or guarantee consistent with the provisions of this subchapter.
(B) Development contract. Prior to the submission of a final plat application and prior to approval of a metes and bounds subdivision, the fee owner shall provide for the construction of the required improvements at his or her expense and shall have the work completed or shall enter a development contract and give bond or other financial assurance satisfactory to the Council in an amount equal to 125% of the estimated cost of the uncompleted improvements, except as provided in division (D) below. The bond shall be released by the City Council upon the recommendation of the City Engineer indicating the improvements are satisfactorily complete.
(D) Assessment of costs. The fee owner may request the city to construct city sewer or water systems or bituminous street surfacing with all costs to be assessed against the benefitted properties. If the City Council agrees, the fee owner shall enter a development contract and give a bond or other financial assurance satisfactory to the Council in an amount as determined by the City Council. The assessments shall be paid in full upon sale of the property.
(E) Expenses. All costs of the City Engineer, City Attorney, Bond Council, financial experts and other professional costs borne by the city in writing and/or executing development contracts, estimates of cost, inspectors, financial arrangements, assessments and pursuing legal remedies in event of default by the fee owner, shall be borne by the fee owner or his or her successors.
(F) Record drawings. Before final release of the bond, record drawings shall be provided by the applicant documenting final locations of improvements
(Ord. 332, passed 5-19-2008)