(A) All condominiums plans shall conform to the plan preparation requirements; review and approval procedures; design, layout and improvements standards of this subchapter, as amended. A deposit in the form of cash, certified check, or irrevocable bank letter of credit acceptable to the city may be required by the city to guarantee the installation and completion of any required streets, sanitary sewer, water supply, open space improvements, and drainage facilities, within a length of time agreed upon from the date of final approval of the condominium plan by the Planning Commission.
(B) The improvements set forth in this subchapter are to be considered as the minimum acceptable standard. All those improvements for which standards are not specifically set forth shall have the standards set by resolution of the City Council. All improvements must meet the approval of the City Council.
(C) The proprietors may be required to deposit with the City Clerk, cash, letter of credit, certified check, or other arrangement satisfactory to the City Council, to insure construction of all improvements. The amount of deposit shall be set by the City Council based on an estimate by the City Engineer. The deposit shall guarantee the completion of the required improvements within a period of time specified by the City Council from the date of the approval of the final plat. The City Council shall rebate to the proprietors as the work progresses, amounts of any cash deposits equal to the ratio of the work completed to the entire project.
(D) Prior to the acceptance by the city of improvements, a one-year maintenance bond in an amount set by the City Council may be required to be posted by the proprietor.
(Ord. 284, passed 8-4-97)