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(A) The City Engineer, or other designated city official, shall regularly inspect for defects in the construction of required improvements. Upon completion of these improvements, the City Engineer shall file with the City Council a statement either certifying that the improvements have been completed in the specific manner or listing the defects in these improvements. Upon completion of the improvements, the subdivider shall file with the Council a statement stipulating the following:
(1) All required improvements are complete;
(2) These improvements are in compliance with the minimum standards specified by the Council for their construction;
(3) The subdivider knows of no defects from any cause in those improvements;
(4) These improvement are free and clear of any encumbrance or lien; and
(5) A one-year guarantee from the date of acceptance by City Council.
(B) The subdivider shall also file with the city an agreement dedicating the improvements to the city. If the City Engineer has certified that the contracted improvements are complete, then, upon receipt of the other statements and agreements detailed above, the city shall accept the dedication of those improvements. The city may, at its discretion, accept the dedication of any portion of the required improvements; provided that, all statements and agreements specified above have been received for that portion of the improvements.
(C) In lieu of requiring the completion of all improvements prior to final plat approval, the city may, at its discretion, enter into a contract with the subdivider whereby the subdivider shall guarantee to complete all improvements required by this regulation, or otherwise specified by the City Council, in a manner satisfactory to the Council. To secure this contract, the subdivider shall provide, subject to the approval of the Council, one of the following guarantees.
(Prior Code, § 11.2)
The subdivider shall obtain a security bond from a surety bonding company authorized to do business in the state. The bond shall be payable to the city and shall be in an amount to cover the entire cost, as estimated by the subdivider and approved by the City Engineer of installing all contracted improvements. The duration of the bond shall be until the time as the improvements are accepted by the city.
(Prior Code, § 11.3)
(A) The subdivider shall deposit cash, or other instrument readily convertible into cash at face value, either with the city or in escrow with a bank. The use of any instrument other than cash, and in the case of an escrow account, the bank with which the funds are to be deposited shall be subject to the approval of the City Council. The amount of the deposit shall be at least equal to the cost, as estimated by the subdivider and approved by the City Engineer, of installing all required improvements.
(B) In the case of an escrow account, the subdivider shall file with the City Council an agreement between the financial bank and himself or herself guaranteeing the following:
(1) The funds of the escrow account shall be held in trust until released by the City Council and may not be used or pledged by the subdivider as security in any other matter during that period; and
(2) In the case of a failure on the part of the subdivider to complete the improvements, then the bank shall immediately make the funds in the account available to the city for use in the completion of those improvements.
(Prior Code, § 11.4)
(A) Where a subdivision is to be developed in several sections, the City Council may, at its discretion, waive the use of a guarantee on the initial sections; provided that, the sections may not be larger than 25 lots or 50% of the total number of lots in the subdivision, whichever is less. The City Council shall grant final plat approval for each succeeding section being contingent upon completion of all contracted improvements in each preceding section, and acceptance of those improvements in accordance with this section.
(B) Completion of improvements in the final plat section of the subdivision, which shall include at least 25 lots or 50% of the total number of lots in the subdivision, whichever is less, must be guaranteed through the use of one of the other methods detailed under this section of this regulation.
(Prior Code, § 11.5)
The city may, at its discretion, enter into an agreement with the subdivider to pay the cost of the required improvements through the use of a special assessment. The city shall make the arrangements for actual construction and interim financing as it deems appropriate; provided that, construction of improvements in any section of the subdivision shall be completed in a time period not longer than would be allowed if another form of improvement guarantee were used. In this instance, the subdivider would not be required to provide a surety performance bond or establish an escrow account as provided for in §§ 151.127 and 151.128.
(Prior Code, § 11.6)
Prior to the granting of final plat approval, the subdivider and the City Council shall agree upon a deadline for the completion of all required improvements, the deadline not to exceed two years from the date of final plat approval. The City Council shall have the power to extend the deadline for one additional year where the subdivider can present substantial reason for doing so.
(Prior Code, § 11.7)
(A) If any portion of the required improvements shall fail to be accepted for dedication in compliance with this regulation within the allocated time period, either for reason of incompletion or for reason of substandard construction, then the City Council shall take one of the following actions:
(1) Where improvements have been guaranteed under this regulation, preliminary plat approval shall be revoked; or
(2) Where improvements have been guaranteed under this section of this regulation, the City Council shall declare whatever security has been pledged as a guarantee to be forfeited.
(B) Where the City Council is not already in possession of the guarantee, it shall immediately take the actions necessary to obtain it. Upon receipt of these securities, the City Council shall use them, or receipts from their sale if that be necessary, to finance the completion of contracted improvements or the rebuilding of the improvements to the proper specifications. Unused portions of these securities shall be returned to the subdivider, bonding company or crediting institution, as is appropriate.
(Prior Code, § 11.8)
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