(A) Payment. The required improvements, which are listed and described above, are to be furnished and installed at the sole expense of the subdivider and at no expense to the public. If any improvement installed within the subdivision will be of substantial benefit to property beyond the boundaries of the subdivision, the City Council may make provision for causing a portion of the cost of the improvement, representing the benefit of such lands, to be assessed against the same and in such case the subdivider will be required only to pay for such portions of the whole cost of the improvements which benefit the subdivision.
(B) Required improvement contract. Prior to the installation of required improvements and prior to approval of the final plat, the subdivider shall enter into a contract with the city requiring that the subdivider furnish and construct improvements at his expense and in accordance with plans and specifications to be approved by the city. The contract shall stipulate the type and extent of the improvements to be constructed, the cost of construction, the construction time schedule, the city's authority to inspect the construction and the amount of the escrow deposit or surety to be furnished in accordance with division (C).
(C) Financial guarantee. Prior to the approval of the final plat, the subdivider shall provide an escrow deposit, letter of credit or other form of surety acceptable to the city, equal to the total construction cost of the improvements as estimated by the City Engineer, and including the cost of inspection and enforcement by the city. Any such deposit or surety shall accrue to the city in case of default of the subdivider. The term of any deposit or surety shall be specified by the city. Deposits shall be made with the Treasurer of the city or with a responsible escrow agent acceptable to the city. The city may agree to reduce the amount of any surety or deposit for partial completion of, and payment for, the improvements for which the surety or deposit has been made.
(Ord. 141, passed 7-7-1997, Ord. passed 4- -2007) Penalty, see § 152.999