(a) Construction Performance Guarantee. The subdivider shall post a construction performance guarantee in the full amount of the certified construction cost or may elect to construct the improvements without such a guarantee, in which case final plat approval shall be withheld until all other requirements of this section are met.
(1) The construction performance guarantee shall be accomplished with a surety performance bond, cash, certified check, money order or letter of credit. The form of the guarantee is subject to the approval of the City Law Director. The guarantee shall be made payable to and enforceable by the City and shall provide that the subdivider, his/her heirs, successors and assigns, and their agents or their servants will comply with all requirements of these Subdivision Regulations. The guarantee shall be made payable to and enforceable by the City and shall provide that the subdivider, his/her heirs, successors and assigns and their agents or their servants will comply with all requirements of these Subdivision Regulations. The guarantee shall not be allowed to expire prior to the completion of all improvements and acceptance by the City as discussed herein.
(2) The improvements shall be accepted and the construction performance guarantee shall be released once all improvements have been inspected and approved by the City, all fees and reimbursements required by these Subdivision Regulations have been paid by the subdivider; and satisfactory marked up as-built prints of the drawings of the improvements have been submitted by the subdivider.
(3) The subdivider may request, up to three (3) times per year maximum, a partial acceptance of improvements and a partial release of the construction performance guarantee. The partial acceptance of improvements shall only be permitted for a specific, major individual improvement or improvements which is/are a part of the total improvements for the subdivision. The specific, major individual improvement or improvements shall be accepted once such individual improvement or improvements has/have been inspected and approved by the City; all fees and reimbursements required by these Subdivision Regulations have been paid by the subdivider; and satisfactory marked up as-built prints of the drawings of such individual improvement or improvements have been submitted by the subdivider. The partial release of the construction performance guarantee shall not be more than the amount of the actual construction cost of such individual improvement. The amount of the actual construction cost may be subject to the approval of the Service Director in order to ensure that this amount is an accurate reflection of these costs. In addition, the remaining balance of the construction performance guarantee shall not be less than the certified construction cost of the remaining improvements to be completed and accepted.
(b) Maintenance Performance Guarantee. The Subdivider shall, at the time of completion of the required improvements, post a maintenance performance guarantee in the amount of ten percent (10%) of the actual construction cost of the improvements. The amount of the actual construction cost may be subject to the approval of the Service Director in order to ensure that this amount is an accurate reflection of these costs.
(1) The maintenance performance guarantee shall be accomplished with a surety performance bond, cash, certified check, money order or letter of credit. The form of this guarantee is subject to the approval of the City Law Director. The guarantee shall be made payable to and enforceable by the City and shall provide that the subdivider, his/her heirs, successors and assigns, and their agents or their servants will perform any and all maintenance and repair required to maintain the improvements in compliance with all requirements of these Subdivision Regulations for the duration of the guarantee period. The guarantee period shall be a minimum of one (1) year from the date of the City's acceptance of the improvements.
(2) The maintenance performance guarantee shall be released once the guarantee period has expired and all improvements have been inspected and approved, as to satisfactory maintenance, by the City.
(Ord. 0-37-95. Passed 5-15-95.)