(A) For all subdivisions, the applicant shall enter into a development agreement to ensure that all improvements are furnished and constructed in accordance with plans and specifications to be approved by the City Engineer.
(1) The applicant shall enter into this contract prior to the development of construction plans and installation of required improvements, and prior to proceeding beyond the grading stage.
(2) The contract shall stipulate, but not be limited to, who shall construct the improvements, the type and extent of the improvements to be constructed, the cost of construction, the construction time schedule, and the city's authority to inspect the construction.
(B) Letter of credit. In addition to the development agreement, the city shall require a letter of credit(s) from the applicant for any improvements that the applicant is responsible for. The following requirements shall be met:
(1) Said letter of credit shall be equal to 110% of the estimated cost of improvements to be completed plus administrative expenses.
(2) The letter of credit shall also secure all lot improvements on the individual lots of the subdivision as required in these regulations.
(3) The applicant shall provide the letter of credit at the time of application for final subdivision approval.
(4) Such letter of credit shall comply with all statutory requirements and shall be satisfactory to the City Attorney as to form, sufficiency, and manner of execution as set forth in these regulations.
(5) The period within which required improvements must be completed shall be specified in the development agreement and shall be incorporated in the letter of credit and shall not in any event exceed two years from the date of final approval. Such letter shall be approved by the City Council as to amount and surety and satisfactory conditions. The Planning Commission may, upon proof of difficulty, recommend to the City Council extension of the completion date set forth in such letter for a maximum period of one additional year.
(6) In those cases where a letter of credit has been posted and required improvements have not been installed within the terms of the development agreement, the City Council may thereupon declare the applicant to be in default and require that all the improvements be installed regardless of the extent of the building development at the time the applicant is declared to be in default.
(Ord. 2023-02, passed 5-9-23)