1. When Required.
A. If performance bonds for improvements are submitted by the developer, the performance bonds for all public improvements, such as water mains and appurtenances; wastewater and storm water conveyance systems; streets and sidewalks, shall provide corporate surety in the penal sum of amounts equal to the cost of such improvements. The performance bonds will obligate the developer and/or the developer’s bondsman to construct the improvements in accordance with the standard specifications and the approved plans within two years for sidewalks and one year for all other improvements from the date of filing of the bonds.
B. Prior to acceptance by the City of any public improvement, such as water mains and appurtenances; wastewater and storm drains; water conveyance systems; streets and sidewalks, there shall be submitted to the City a bond, with corporate surety in the penal sum of an amount equal to the costs of such improvement, obligating the contractor and/or his bondsmen to keep such improvement in good repair for a period of not less than four years for paving and three years for all other improvements, from the date of acceptance, and indemnifying the City for the period against any loss or expense to which it may be subjected as a result of defective materials, installation or construction.
2. Letters of Credit. The owner or developer may submit a letter of credit in lieu of a performance bond for sidewalk, street trees and erosion control improvements. Said letter of credit shall be from any approved bank or savings and loan in a form approved by the City Attorney, which letter, among other things, shall comply with the following requirements:
A. Shall run in favor, of the City;
B. Be in an amount determined by the director of community development and approved by the Mayor and City Council to be sufficient to complete the improvements and installations in compliance with the regulations set forth in this chapter;
C. Be issued by any approved bank or savings and loan association within the County;
D. Specify that, in the event the owner or developer fails to complete the required improvements and installations within one year of the date of the approval of the plat, the bank or other assuring institution, shall pay to the City, upon demand, a sum sufficient to complete said improvements, or the face amount thereof, whichever amount shall be the lesser.
3. Filing Fees. Before a preliminary plat may be considered by the Commission, the subdivider or agents shall pay the City a fee established by resolution.
(Ord. 1805 – Apr. 14 Supp.)
4. Inspection Fee. The installation of all improvements required to be installed within any subdivision shall be inspected by competent inspectors furnished by the City. The City Engineer shall determine the type of inspections to be made and the hours needed to make such inspections. The actual cost, plus an overhead factor, incurred by the City shall be borne by the developer. The City shall keep a record of hours worked and shall bill such developer for such services monthly. In addition to the hourly rate paid for inspection services by the City, the City shall include an overhead charge. All charges incurred for inspection services by the City, as herein provided, shall be paid by the developer prior to acceptance of the improvements by the City. The City Council shall, by resolution, establish the hourly rate to be charged for such services, which rate shall be reviewed annually.