When a subdivider elects to submit a performance bond to secure to the city the actual construction of required improvements within a specific period, the procedure shall be as follows:
(A) Coincident with the submission of the final plat for consideration by the Planning Commission and prior to the installation and construction of any required improvements within the subdivision, seven sets of prints of the preliminary plans and specifications therefor shall be prepared by a professional engineer registered in the state and submitted to the office of the City Engineer.
(B) (1) In addition to the above requirement, the subdivider shall submit a performance bond to secure to the city the actual construction of the improvements in a satisfactory manner, within a period not exceeding two years.
(2) The performance bond shall be in an amount of 120% of the estimated costs of the improvements at the time of filing the performance bond, as determined by the developer's engineer and approved by the City Engineer and City Attorney.
(C) The City Engineer shall review the preliminary plans, specifications and performance bond, and if same meet all applicable regulations and standards then a construction permit may be issued as provided herein.
(D) In all cases where a subdivider elects to submit a performance bond, the performance bond shall be released only upon completion of the approved program of construction and upon acceptance and approval by the Council of the performance of construction, and upon acceptance of all improvements by the Council.
(E) In those cases where a performance bond has been posted and required improvements have not been installed within the terms of the performance bond, the city may thereupon declare the bond to be in default and require that the subdivider and/or his or her surety forthwith pay over to the city a sum sufficient to contract, after competitive bidding, for the installation and construction of all required improvements not theretofore installed and constructed by the subdivider.
(F) The subdivider posting the performance bond shall assume full responsibility for assuring the construction of required improvements, and any action of the city to secure compliance may be against the original subdivider or the surety.
(Prior Code, § 13-547) (Am. Ord. 1292, passed 6-19-84; Am. Ord. 1974, passed 8-6-19)