In lieu of filing a surety bond, the subdivider or developer may secure and place on deposit with the city an irrevocable letter of credit or comparable instrument from a title company, banking institution, or similar financial institution, stating that money will be held in escrow until all off-site improvements have been completed to the city’s satisfaction. Such letter of credit or financial instrument shall be drawn in favor of the city for the entire cost of improvements for water mains, paving, sanitary sewers, storm sewers, and other drainage facilities as estimated by the subdividers registered professional engineer and approved by the City Engineer. The Building Official/Inspector or his or her designee shall issue no building permit until the contractor submits off-site improvement plans for the project, conforming to the city standards, specifications, and requirements. Upon completion of the public improvements the “as built” drawings shall be supplied by the developers design engineer to the city.
(Prior Code, § 156.026) (Ord. 1573, passed 11-13-2007; Ord. O-2021-20, passed 8-10-2021)