(A) As part of the final subdivision application approval, and recording of the final subdivision plat in the County Recorder’s office, the land use authority shall require the necessary guarantees and securities sufficient to ensure the installation and construction of all required subdivision improvements, facilities, services and amenities, as applicable, and as provided and required by the public works standards, as adopted.
(B) An applicant for final subdivision approval shall guarantee the installation of all required subdivision improvements, facilities, services, and amenities, as applicable, by the following methods.
(1) The applicant shall deposit in escrow with an escrow holder approved by the City Attorney an amount of money equal to the cost of the subdivision improvements, as estimated by the City Engineer, plus an additional 10%, to assure the installation of such subdivision improvements within a two-year period from the approval of the final subdivision application, which escrow agreement shall be approved by the City Attorney and shall be filed with the City Recorder.
(2) The applicant shall furnish and file with the City Recorder a letter of credit in an amount equal to the cost of the subdivision improvements, estimated by the City Engineer, plus an additional 10%, to assure the installation of such subdivision improvements within a two-year period immediately following the approval of the final subdivision application, which letter of credit shall be approved by the City Attorney and shall be filed with the City Recorder. The financial institution, in the letter of credit, shall provide the assurance that the applicant shall not be allowed to encumber those funds for any other development or any other obligation other than for the outlined subdivision; and that the city shall be allowed to access those funds, if necessary, to finish the subdivision improvements if the applicant fails to do so.
(C) A subdivision improvement agreement is required on all subdivisions requiring infrastructure improvements or improvements being dedicated to the city. See § 150.199 for a sample of a subdivision improvement agreement.
(Ord. 2020-005, passed 3-9-2021) Penalty, see § 150.999