A. Except as permitted in subsection C, prior to recording of the final subdivision plat, the city council shall require that the applicant provide a financial guarantee, such as a performance bond, an irrevocable letter of credit, assurance of construction of subdivision improvements, funds in escrow, or other guarantee acceptable to the city, in an amount sufficient to secure to the city the satisfactory construction, installation and dedication of the required improvements. The financial guarantee shall also secure all lot improvements on the individual lots of the subdivision as required in this title. The amount of financial guarantee shall be one hundred percent of the cost of the installation and materials necessary to complete the subdivision as required by this title, including, but not limited to, street improvements, street lights, sidewalks, perimeter walls, drainage facilities, water and sewer infrastructure, site grading and landscaping.
B. The financial guarantee 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 this title. The period within which required improvements must be completed shall be specified by the city council in the resolution approving the final subdivision plat and shall be incorporated in the financial guarantee and shall not, in any event, exceed three years from the date of final approval. The city council may, in its discretion, grant an extension of the completion date of the guarantee for a maximum period of two additional years, provided that an updated cost estimate for the remaining subdivision improvements that have not yet been completed shall be provided, and the amount of the financial security adjusted if necessary to adequately secure such improvements in conjunction with the approval of the extension.
C. City council may approve a development agreement permitting an existing or new subdivision applicant to delay or modify the financial security requirement set forth in this section. The development agreement shall contain provisions deemed necessary or appropriate by city council to ensure that purchasers of lots have adequate assurance that required subdivision infrastructure necessary to serve that lot will be installed at or prior to development of the lot, including but not limited to provisions that:
1. Prohibit the sale of any lots, or block of lots, without prior approval of the city manager, or deputy city manager, and planning director, until such time as:
a. Financial securities have been posted for:
i. All required subdivision improvements; or
ii. That portion of the subdivision improvements deemed necessary by the city to serve the portion of the subdivision being sold in accordance with a phasing plan approved by the planning director and city engineer; or
b. The subdivision improvements, or phased portion thereof, have been completed and accepted by the city, and a maintenance bond meeting the requirements of Section 16.20.090(D) has been posted.
2. Prohibit the issuance of any building permits until such time as:
a. Financial securities have been posted for:
i. All required subdivision improvements, or
ii. That portion of the subdivision improvements deemed necessary by the city to serve the portion of the subdivision being sold in accordance with a phasing plan approved by the planning director and city engineer; or
b. The subdivision improvements, or phased portion thereof, have been completed and accepted by the city and a maintenance bond meeting the requirements of Section 16.20.090(D) has been posted.
3. Allow for the city to require the construction of all, or a portion, of the required subdivision improvements as a condition to allowing for non-financial security for the subdivision plat, including but not limited to:
a. Perimeter walls,
b. Perimeter landscaping,
c. Perimeter streets and sidewalks.
4. Permits the partial release of assurances as discrete portions of subdivision infrastructure have been completed, provided that the remaining assurance is sufficient, in the opinion of the city engineer, to complete all remaining required improvements.
(Ord. 1397.16.03 § 1, 2017; Ord. 1179 § 5.1(A), 1987)