(A) The required improvements to be furnished and installed by the subdivider/developer, which are listed and described above, are to be furnished and installed at the sole expense of the subdivider/developer and at no expense to the public. If any improvement installed within the subdivision will be of substantial benefit to lands beyond the boundaries of the subdivision, the Council may make provision for causing a portion of the cost of the improvement, representing the benefit to the lands, to be assessed against the same; or, the City Council may choose to pay the increased cost and assess for improvements when future development takes place. In such cases, the subdivider/developer will be required to pay only for such portions of the whole cost if the future development takes place. In such case, the subdivider/developer will be required only to pay for the portions of the whole cost of the improvements as will represent the benefit to the property within the subdivision.
(B) Prior to installation of required improvements and prior to approval of the final plat, the subdivider/developer shall enter into a contract with the city requiring that the subdivider/ developer furnish and construct the improvements at his or her expense and in accordance with plans and specifications to be approved by the Engineer. The contract shall stipulate the type and extent of the improvements to be constructed, the cost of construction, the construction time schedule, the city’s authority to inspect the construction and the amount of the escrow deposit or performance bond to be furnished in accordance with this section.
(C) Prior to the approval of the final plat, the subdivider/developer shall make an escrow deposit. In the alternative, he, she or they shall furnish a performance bond equal to one and one-half the total estimated construction cost of the improvements as estimated by the Engineer, including the cost of inspection by the city. Any such deposit or bond shall accrue to the city. In case of default, the city shall appropriate any deposit and pursue its remedies provided by any bond. The city shall specify the term of any bond. Deposits shall be made with the Clerk-Treasurer of the city or with a responsible escrow agent acceptable to the city. The city may agree to provide for reduction of the amount of any bond or deposit by reason of completion of, or in payment for, the improvements for which the bond or deposit has been made. Nothing shall preclude the city from making special assessments against benefitted property for improvements made on it.
(2001 Code, § 12.07)