(A) This chapter applies to subdivisions which require the installation of streets, utilities or other public improvements by the developer.
(B) As a condition of the final approval of the plat and prior to its recording with the County Register of Deeds, the City Council shall require and accept the following:
(1) The furnishing of a performance bond, letter of credit, cash escrow, or other guarantee in a form acceptable to the city, in an amount not to exceed 120% of the estimated cost of the improvement installation.
(2) A specification of the time allowed for the installation of improvements. This period may be extended by the City Council.
(3) The performance guarantee amounts and requirement, along with the permitted time for installation, shall be included within the development agreement negotiated between the city and the developer and approved with the final plat.
(4) An ordinance stating the requirements of the city can be used in lieu of divisions (B)(1), (B)(2) and (B)(3) above.
(Ord. 23-09, passed 8-21-2023)