(A) Prior to installation of any required improvements, the subdivider must enter into a development contract prepared by the city and must submit the sureties required by § 151.090 of this chapter.
(B) The development contract shall require the subdivider to furnish and construct the improvements at the sole cost of the subdivider and in accordance with the plans and specifications approved by the City Council. The development contract shall provide for sufficient funds to be escrowed to cover the cost of construction. The City Engineer may require the developer to have their contractor or subcontractor coordinate the work to be done under the contract and also coordinate any other work being done or contracted by the city in the vicinity.
(C) In accordance with the terms of the contract, the subdivider must provide sureties to the city as set forth in § 151.090 of this chapter. A reduction to the sureties prior to the recording of the final plat may be granted to the subdivider, at the subdividers request, based on completion of part or all of the off-site improvements which have been accepted and approved by the city. If any work begins prior to final platting, one-third of the required grading estimate must be posted as a cash bond prior to commencement of any improvements. The time for completion of work must be determined by the City Council upon recommendation of the City Engineer after consultation with the subdivider and must be reasonable in relation to the work to be done, the season of the year, and proper correlation with construction activity in the subdivision.
(D) No reduction in the cash escrow as required by § 151.090 will be made until all items covered in the subdivider's contract have been accepted by the city.
(E) Once the necessary improvements have been completed and approved by the city, the developer shall provide to the city a one year 100% warranty maintenance bond. Said bond shall run from date of acceptance by the city of all construction items.
('72 Code, § 345:70) (Am. Ord. 1994-756, passed 5-9-94; Am. Ord. 2008-1092, passed 8-25-08)