(A) Notice of intent to file bond. In the event the subdivider desires to file a bond, with surety thereon, in lieu of completing the installation of all required improvements prior to filing a final plat for approval, he or she shall notify the City Building Inspector in writing of such intention within 90 days from the date of the Plan Commission’s approval of the secondary plat. The City Building Inspector shall refer such notice to the City Engineer who shall prepare a cost estimate of the cost of installation of all required improvements based upon the information and specifications supplied by the subdivider in the primary plat and the secondary plat. Within 30 days from the receipt of the notice, the City Engineer shall deliver the cost estimate to the City Building Inspector, who shall refer the cost estimate to the Board of Works.
(B) Determination of amount of bond. The Board of Works shall, within 30 days from the date of receipt of the cost estimate by the City Building Inspector, meet and determine the amount of the bond which shall be filed by the subdivider based upon the City Engineer’s cost estimate and any other relevant factors. The determination of the amount of the bond shall be recorded in the minutes of the Board of Works and a copy of the minutes shall be mailed to the subdivider. The subdivider shall then file a final plat and a bond, in satisfactory form, in the amount determined by the Board of Works, together with surety thereon satisfactory to the Board of Works, in the office of the City Building Inspector, who shall refer the bond and surety to the Board of Works for approval of the surety on the bond.
(C) Approval of surety on bond. If the Board of Works determines that the surety on the bond filed by the subdivider is satisfactory, a certification shall be endorsed on the surety document or shall be appended thereto and the approval shall be recorded in the minutes of the Board of Works. The bond and surety shall be filed by the City Building Inspector in the office of the City Clerk-Treasurer. If the Board of Works disapproves the surety, its action shall be recorded in the minutes of its meeting together with a statement in clear and concise language specifying the reason or reasons for the disapproval and what, if anything, can remedy the defect of the surety as submitted. A copy of such minutes, in the event the surety is disapproved, shall be mailed by the City Building Inspector to the subdivider, who shall cure such defects and resubmit the surety for approval by the Board of Works. In the event the Board of Works disapproves the surety, the City Building Inspector shall not consider the final plat until such time as the surety on the bond is approved. In the event the Board of Works approves the surety on the bond, the City Building Inspector shall proceed with consideration of the final plat. No final plat shall be considered or approved by the Plan Commission until the required bond has been filed by subdivider and the surety has been approved by the Board of Works.
(D) Approval of final plat. In the event the Board of Works approves the surety on the subdivider’s bond, the Plan Commission shall commence its consideration of the subdivider’s final plat and shall either approve or disapprove the final plat within a reasonable time. If the Plan Commission approves the final plat, it shall affix the signature of its president thereto, which signature shall be attested to by the Secretary, and such approval shall be recorded in the minutes of the Plan Commission meeting at which the final plat was approved. If the Plan Commission disapproves the final plat, it shall record its reasons in clear and concise language in the minutes of the meeting of the Plan Commission at which the final plat was disapproved and shall mail a copy of the minutes to the subdivider.
(E) Installation of improvements in event of default by subdivider. In the event that a subdivider does not complete work included under a surety bond within two years of the approval of the final plat, the Board of Works may notify the subdivider of its intention of proceeding with the work. The subdivider shall within 180 calendar days of said notice, install all of the improvements and execute all dedications required by his or her covenants. In the event the subdivider fails to install such improvements, the city shall proceed upon the subdivider’s bond and shall install such improvements. In the event that the subdivider’s bond is insufficient to pay the cost of all of such improvements, the subdivider shall be responsible for the payment of the cost for such improvements in excess of that amount covered by the proceeds of the bond.
(Prior Code, § 154.15) (Ord. 1978-6, passed 4-4-1978)