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(A) Full allocation. In cases where off-site improvements are necessitated by the proposed subdivision, and where no other property owner(s) receive(s) a special benefit thereby, the applicant may be required at his or her sole expense and as a condition of approval, to provide and install such improvements.
(B) Proportionate allocation.
(1) Where it is determined that properties outside the development will also benefit by the off-site improvement, the following criteria shall be utilized in determining the proportionate share of the cost of such improvements to the developer.
(2) Allocation formula:
Total cost of enlargement or improvement | Capacity of enlargement or improvement |
= | |
Developer's Cost | Development generated amounts to be accommodated by the enlargement or improvement. |
(Ord., passed 10-13-92; Am. Ord. 07-019, passed 8-14-07; Am. Ord. 2024-012, passed 6-11-24)
Where the proposed off-site improvement is to be undertaken at some future date, the monies required for the improvement shall be deposited in a separate interest-bearing account to the credit of the city until such time as the improvement is constructed. If construction of the off-site improvement is not begun within two years of deposit, all monies and interest shall be returned to the applicant.
(Ord., passed 10-13-92; Am. Ord. 07-019, passed 8-14-07; Am. Ord. 2024-012, passed 6-11-24)
IMPROVEMENT GUARANTEES
Where required improvements have not been completed and certified by the applicant subdivider, improvement guarantees may be provided to ensure the proper installation of such required street, utility, and other improvements. The nature and duration of the guarantee shall be structured to achieve this goal without adding unnecessary costs to the developer.
(Ord., passed 10-13-92; Am. Ord. 07-019, passed 8-14-07; Am. Ord. 2024-012, passed 6-11-24)
Before the recording of final subdivision plats, or as a condition of final plat approval, the City Council may require and may accept the following financial guarantees in an amount equal to 125% of the cost of installing the improvements.
(A) Security bond. The applicant may obtain a security bond from a surety bonding company authorized to do business in the state.
(B) Letter of credit. The applicant may provide an irrevocable letter of credit from a bank or other reputable institution.
(C) Escrow account. The applicant may deposit cash, or other instruments readily convertible into cash at face value, with the city or in escrow with a bank.
(D) Property. The applicant may provide as a guarantee land or other property.
(E) Improvement guarantee. The applicant may provide as a guarantee an improvement agreement between the applicant, lender, and the city.
(F) Prepayment. The applicant may make a prepayment to the city in the full amount of said improvements. Any unexpended funds shall be returned to the applicant.
(Ord., passed 10-13-92; Am. Ord. 07-019, passed 8-14-07; Am. Ord. 2024-012, passed 6-11-24)
The City Council shall have the right to refuse any of the above financial guarantees and require construction and installation of all improvements by the subdivider, where:
(A) Past performance of the subdivider is unsatisfactory; or
(B) The selected option is unacceptable.
(Ord., passed 10-13-92; Am. Ord. 07-019, passed 8-14-07; Am. Ord. 2024-012, passed 6-11-24)
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