The developer must install all improvements required by chapter 16.40 of this title prior to final plat approval unless the developer executes an agreement with the city securing the developer's obligation to install the improvements. The agreement must be in a form acceptable to the city attorney and include a provision that all improvements must be installed no later than three (3) years from the date the city council approves the final plat. To secure performance of the agreement and to guarantee installation of improvements, the developer must provide a performance bond or other sufficient security, acceptable to the city attorney, equal to one hundred fifty percent (150%) of the estimated construction costs of the improvements, as determined by the city engineer. The term of the bond or other security must extend at least one year beyond the date by which the installation of improvements must be complete. The bonding or security agreement will be recorded with the county at the subdivider's expense prior to the signing of the final plat by the city engineer. (Ord. 3485, 2014)