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The City Council shall not approve any final plat of a subdivision within the city limits (and, hence, said final plat shall not be entitled to recording) until:
(A) All improvements required in the approved preliminary plat and improvement plans have been completed by the subdivider/developer, and inspected and accepted by the City Engineer; or
(B) Street addresses have been assigned to the lots on the plat by the County 9-1-1 Office and said plat has been signed off by the Coordinator of the County 9-1-1 Office approving said street addresses.
(1960 Code, § 41-5-1) (Ord. 7128, passed 4-28-2008)
The amount of the performance bond shall be equal to 110% of the estimated cost of the infrastructure that remains to be installed. The amount shall be estimated by the developer or his or her engineer and submitted with the improvement plans to the City Engineer and the Planning Commission for review and approval.
(1960 Code, § 41-5-3) (Ord. 7128, passed 4-28-2008)
(A) No person shall be eligible to act as a surety unless he or she has been approved by the City Treasurer.
(B) The Treasurer shall conduct spot audits of all sureties.
(C) Any surety who fails to perform shall be ineligible to act as a surety for any subdivision improvements within the city’s jurisdiction for a period of two years.
(1960 Code, § 41-5-4) (Ord. 7128, passed 4-28-2008)
(A) The initial term of any performance bond or escrow agreement shall not exceed two years.
(B) If all the required improvements have not been completed by the end of the two-year period, the City Engineer may either extend said bond/escrow agreement for one year or may proceed as provided in § 161.070 of this chapter.
(1960 Code, § 41-5-5) (Ord. 7128, passed 4-28-2008)
The performance bond/escrow deposit shall not be released until:
(A) The City Engineer has determined that all required improvements have been satisfactorily completed; and
(B) Said improvements have been accepted by the City Engineer and any other agency having jurisdiction.
(1960 Code, § 41-5-6) (Ord. 7128, passed 4-28-2008)
(A) If all the required improvements have not been completed by the end of the two-year period or three-year period, in the case of an extension, the City Engineer shall:
(1) Require the surety to perform on the bond and to pay to the city an amount equal to the cost of completing the required improvements (as estimated by the City Engineer) or the amount of the bond not heretofore released, whichever is less;
(2) Order the City Treasurer to retain all escrowed funds needed to complete all the required improvements, and to return the balance if any of such funds to the subdivider/developer; or
(3) Require the subdivider/developer to submit a new performance bond/escrow deposit in an amount sufficient to cover any increase in the cost of constructing the required improvements.
(B) If the surety fails to perform on the bond or the escrow agent fails to remit within 30 days after written request, the City Engineer shall direct the City Attorney to take immediate action to require performance.
(1960 Code, § 41-5-7) (Ord. 7128, passed 4-28-2008)
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