A. Prior to the signing of the final plat by the planning commission chairman, all subdividers shall be required to complete, in accordance with the planning commission's resolution and to the satisfaction of the local government engineer, all the street, sanitary, and other improvements including lot improvements which are required in these regulations and specified in the preliminary plat or improvement plans.
B. The planning commission, at its discretion, may waive the requirement that the subdivider complete all public improvements prior to the signing of the final plat, and, as an alternative, the applicant post a bond, provide an escrow deposit, or provide a letter of credit in an amount estimated by the planning commission as sufficient to secure to the local government the satisfactory completion of required improvements; provided that signing of the final plat shall not be accomplished prior to compliance with this section.
C. Such performance bond or approved alternate shall comply with all statutory requirements and shall be satisfactory to the local government attorney as to form, sufficiency, and manner of execution as set forth in these regulations. The period within which required improvements must be completed shall be specified by the planning commission in the resolution approving the final subdivision plat and shall be incorporated in the surety and shall not in any event exceed two (2) years from the date of final approval. Such surety shall be approved by the local government as to amount and conditions satisfactory to the governing body. The planning commission may, upon proof of difficulty, recommend to the governing body extension of the completion date set forth in such surety for the maximum period of one additional year. The governing body may at any time during the period of such surety accept a substitution of principal sureties upon recommendation of the planning commission.
D. A performance bond may be reduced upon actual construction of required improvements to a ratio that the improvement bears to the total public improvements as determined by the local government engineer. In no event shall a performance bond be reduced below twenty five percent (25%) of the principal amount prior to completion of all required improvements.
E. The governing body shall not release a performance bond or approved alternate until the local government engineer has certified satisfactory completion of all required improvements. Concurrent with the release of performance bonds, the subdivider shall furnish the governing body with maintenance bond or other acceptable surety to comply with the provisions of section 12-432 of this chapter. (Res. 901, 5-10-1977)