The developer may execute and file with the Clerk of Council financial guarantees in lieu of actual installation or completion of the required improvements. Such guarantees may be in the form of a performance or surety bond, a certified check, or any other type of surety approved by the Council, including but limited to a letter of credit, mortgage deed or escrow account.
(a) Performance Guarantee Amount. The financial guarantee shall be in an amount equal to the estimated cost of materials and labor required to install or construct the required improvements. Such costs shall be verified by the City Engineer. When any portion of an improvement has, upon inspection, been found satisfactorily completed, a reduction in the bonds, or partial withdrawal of funds equal to the estimated costs of such completed improvements may be authorized by the City Engineer.
(b) Performance Guarantee Term. The term of such guarantee shall be determined by the Council, however, it shall not be set for a period of more than two years unless the Council, by resolution, extends the time.
(c) Non-performance by Subdivider; Completion of Improvements by City. In the event the installation of required improvements, according to the terms of the agreement, is not completed, the City, upon proper notice, may complete the improvements and may take action to recover such portion of money or bonds posted for the faithful performance of such work.
(d) Performance Guarantee Release. The City Engineer shall make the inspection required for the release of the performance guarantee upon the request of the subdivider or the developer; and if said improvements specified in these regulations have been completed, shall promptly certify and report to the Safety-Service Director as to the acceptance of said improvements and the release of said performance guarantee.
(e) Subdivider’s Guarantee. After construction of said improvements, the subdivider’s engineer, or his successor in interest, shall file with the Safety-Service Director and the City Engineer an affidavit setting forth that all required improvements have been constructed in accordance with the plans and specifications approved under the provisions of this Ordinance, including such modifications or variances granted by the Board. The subdivider’s engineer shall provide the City Engineer one set of reproducible mylar drawings (excluding sepia) for permanent record, showing the locations, sights, and elevations of all improvements constructed. AutoCAD drawings of the entire project containing as-built information shall be provided as well.
(f) Maintenance Guarantee Generally. The subdivider shall be responsible for the maintenance of the improvements installed and for providing the services necessary to guarantee access to all the occupied lots, excluding snow removal, for a period of one year after acceptance of the required improvements. Such approval by the Safety-Service Director shall be made upon the recommendation from the City Engineer. The subdivider shall provide a maintenance guarantee to the City providing for the care and maintenance of the physical improvements as specified herein, which shall be deposited and remain at all times with the Safety-Service Director. The subdivider shall also maintain the improvements prior to their acceptance by the Safety-Service Director and City Engineer.
(g) Maintenance Guarantee Type. As consideration for the approval of the final plat by the Commission, the subdivider shall execute and file a financial guarantee with the City providing for the care and maintenance of the physical improvements provided for in this Ordinance for a period of one year from the date of the acceptance of the improvements by the Safety-Service Director and the City Engineer. Such guarantee shall be in the form of a cash, certified check, irrevocable letter of credit or collectible bond unless the Safety-Service Director shall approve another form of financial guarantee in a specific case.
(h) Maintenance Guarantee Amount. The financial guarantee for maintenance shall be in addition to the performance guarantee for the completion of the required improvements as specified in this Ordinance and may be included with the performance guarantee.
(i) Maintenance Guarantee Term. The subdivider shall be responsible for routine maintenance of all improvements and shall repair all failures due to faulty construction as soon as they become apparent. Said subdivider shall also make repairs due to erosion or abuse by utility companies installing utilities and shall repair all failures for all other reasons during the one year period. The subdivider shall restore the improvements at the end of the maintenance period.
(j) Maintenance Guarantee Release. The City Engineer shall promptly make the inspection required for the release of the maintenance guarantee at the end of the one year period and shall certify his report to the Safety-Service Director for this action. The Safety-Service Director shall release the maintenance guarantee if said maintenance of the required improvements has been approved by the City Engineer.