No plat shall be recorded until:
A. Financial Guarantee Required; Form: The public improvements associated with the plat are financially guaranteed for performance by a surety bond, cash deposit, cashier’s check, or irrevocable letter of credit in the city’s name in accordance with following terms through written agreement:
1. Surety Bond: The bond shall be with a surety company authorized to do business in the State of Idaho and acceptable to the City.
2. Cash Deposit, Cashier’s Check, or Irrevocable Letter of Credit: A cash deposit, cashier’s check, or irrevocable letter of credit in the City’s name, shall be deposited with an escrow agent, City Treasurer, or trust company.
3. Accrual: The financial guarantee shall accrue to the City of Chubbuck covering all costs of construction of the public improvements.
4. Amount: The financial guarantee shall in the amount one hundred fifty percent (150%) of the total estimated costs based on the development cost estimate in this section, for completing construction of the public improvements, as approved by the Director.
5. Term Length: The financial guarantee shall be in force for a minimum period of twenty-four (24) months with automatic renewal until the improvements have been deemed completed by the Director and accepted by the City and shall continue until all contractual warranty periods are completed in accordance with section 17.16.070 of this title. Once all public improvements have been accepted by the City, at the Developer’s request, seventy-five percent (75%) of the surety or guarantee may be released and the remaining twenty-five percent (25%) will remain in effect for the warrantee period of the public improvements in accordance with section 17.16.070.
6. Development Cost Estimate: The Development Cost Estimate shall be provided by the developer’s engineer of record for review and approval by the Director.
7. Penalty for Case of Failure to Complete Construction of Public Improvements: If the developer fails to complete construction of the public improvements within the period of time required by the conditions of the guarantee, the city may at the city’s discretion, either enter into longer terms with the developer or determine and take necessary action in order to accomplish completion of the required public improvements. The city may reimburse itself for the cost and expense thereof by appropriating the financial guarantee in whichever form provided and if costs to complete the public improvements exceed the financial guarantee, the city may seek additional monies from the developer or owners of the property through all legal means. Longer terms to accomplish completion of the required public improvements will only be considered if all owners within the bounds of the development provide their written consent to the extension’s term.
8. Release of Guarantee for Improvements Not to be Dedicated to a Public Agency: Public improvements which are not dedicated to a public agency yet which require a financial guarantee in accordance with this section are not subject to the section 17.16.070 warranty period. Following completion of the public improvements which are not to be dedicated to a public agency, the developer may submit a written request to the Director for final inspection. To receive approval, the improvements must be fully functional and able to be utilized by lot owners within the development. If the Director determines that the developer completed the work in accordance with the development agreement requirements, the Director may consider the inspection final and authorize release of the financial guarantee covering those improvements. If the inspection discloses work not completed in accordance with requirements of the development agreement, the Director shall not declare that portion of the project complete until such time that noncompliant issues are addressed to the satisfaction of the Director.
B. Sidewalk Exception: For subdivisions where the City determines it to be in the best interest of the property owners to install sidewalks at the time of building rather than at the time of subdivision development, the following procedure will be followed regarding the installation of sidewalks:
1. Building Permit/Certificate of Occupancy: A building permit may be issued on a building occupying a lot when the required sidewalk has not been installed under the following conditions:
a. The building permit will clearly note that the sidewalks shall be installed prior to the receipt of a final Certificate of Occupancy.
b. Prior to issuance of a temporary Certificate of Occupancy, a cashier’s check or cash shall be deposited and held in escrow by the City until such time that the sidewalks are installed. It shall be the responsibility of the property owner to request an inspection of the installation and request a refund of the escrowed funds from the City. All refunds of such escrowed funds shall be subject to the accounts-payable cycle of the city. An inspection by the Director showing acceptance and compliance of the sidewalks shall be completed prior to any request for a refund of the escrowed funds.
c. From time-to-time, buildable lots may be purchased by an adjoining landowner, or a non-adjoining landowner, who does not either intend to build on the lot or who does not intend to build on the lot in a pace consistent with the development’s build-out. In such cases, to connect the pedestrian infrastructure in the development, the City may compel construction of the sidewalk by the property owner within ninety calendar days (90), weather-permitting, and if not completed, the city may construct the sidewalk and/or seek remedy in accordance with section 17.20.050. (Ord. 853 § 2, 2022)