A. The accomplishment of the improvements required herein shall be assured by either one of two (2) methods, as follows in subsections B and C of this section.
B. Improvements may be accomplished by construction and tentative approval by the city on required improvements pending prior to the filing of the approved final plat. When a subdivider elects to install and construct any or all of the improvements required herein prior to the filing of a final plat approved by the city council, the procedure shall be as follows:
1. Coincident with the request for consideration for approval of the final plat by the city council, the subdivider shall submit a written plan and timetable to the planning commission indicating in specific detail the required improvements proposed for installing and constructing prior to the filing of the approved final plat.
2. The planning commission shall review the request and submit a written report to the city council noting specific problems if any.
3. Subsequent to the decision of the city council that the final plat is in order and that the program for accomplishing all required improvements is feasible and not contrary to the public interest, they may approve the installation and construction of any or all required improvements by the subdivider prior to the filing of the final plat and as a condition in approving the final plat.
4. In all cases where the city council approves a program of construction of required improvements prior to the filing of a final plat, the final plat, without benefit of required signatures of city officials, shall be held in escrow by the city. It shall not be released for any purpose until the approved program of construction is completed and all improvements are accepted by action of the city council. Subsequent to the acceptance of all required improvements included in the construction program and the accomplishment of all other commitments, if any, of the subdivider, the final plat shall be executed by the city and recorded at the county courthouse.
5. The procedure for approving and accepting required improvements installed and constructed under this method shall be the same as for any other required improvement.
6. An approved program of construction under this method shall be completed within a period of one year. One year from the date of approval, the approval of any construction program which has not been inaugurated shall become null and void. One year from the date of approval, the approval of any construction program which is still in process shall be reviewed by the city council and they shall take such action as deemed necessary.
7. Any approved program of construction may be amended, however, such amendment shall require approval of the city council.
8. There shall be filed with the city clerk a surety bond, for approval and acceptance by the city council to secure the actual construction of required improvements.
C. In lieu of the installation and construction of the improvements herein required, coincident with approval and prior to the filing of a final plat or acceptance by the city council of any public dedications within the subdivision, the subdivider may elect to submit an acceptable corporate surety bond to the city council for its approval or rejection.
1. The bond shall be executed to the city and be approved as to form and legality by the city attorney. The terms of the bond (hereafter referred to as a "subdivision bond") shall provide that it be conditioned that if the subdivider has not, within two (2) years from the date of city acceptance of the subdivision bond, completed the installation and construction of all required improvements within the subdivision, then and in such event, the city council may allow the renewal of the subdivision bond in those cases where adequate reasons exist and where no hardship or significant inconvenience shall accrue to the city, or, the subdivider or the surety shall be required to forthwith pay over to the city a sum not more than one hundred fifty percent (150%) of the current estimated cost for the installation and construction of all the required improvements not theretofore installed and constructed by the subdivider. No subdivider shall consummate any sale of any property within the subdivision by lot and block reference to the plat until such city action for renewal of the bond or the required off-site improvements have been first installed and constructed therein. Moreover, the subdivider posting the bond shall assume full responsibility for assuring the construction of required improvements, and any action of the city to secure compliance shall be against that original subdivider or the surety.
2. In lieu of depositing a corporate surety bond as provided in this section the subdivider may submit to the city council through the city clerk an amount of cash, a certificate of deposit, or any irrevocable letter of credit drawn on a banking institution qualified to do business in the state equal to the surety bond required. The terms of the cash surety shall provide that the cash surety be conditioned in precisely the same manner as the corporate surety bond required in this section; provided, however, that any such irrevocable letter of credit deposited must be effective for a period of ninety (90) days more than whatever period of time would be required for a corporate surety bond, cash or certificate of deposit. Any letter of credit shall be accompanied by an agreement certifying that in the event the account party fails to perform, the beneficiary is entitled to call the letter of credit. Additionally, the letter of credit shall state the tenure, automatic renewal period, and terms of inspection for completion.
3. In the event that the subdivider is the principal on any delinquent corporate surety bond, the obligations of which have not been fulfilled, the subdivider shall be required to provide as surety, cash, certificate of deposit, or an irrevocable letter of credit as described above, for any improvement not installed or constructed by the subdivider prior to the filing of the final plat.
4. It is the responsibility of the subdivider posting any form of surety bond, cash, certificate of deposit, or any irrevocable letter of credit to inform the city, through its city clerk when the obligations under the surety have been fulfilled and to request release from the times and conditions of the posted surety, the subdivider's obligation shall not be considered fulfilled until the city council has specifically released the subdividers from this obligation.
5. Any construction surety, regardless of form, shall be accompanied by a certified engineer's estimate, prepared by a registered, professional engineer licensed to practice in the state, certifying that the bond amount is sufficient to cover one hundred fifty percent (150%) of the cost of constructing the bonded improvement.
D. Either one or a combination of these two (2) methods shall be used to assure the construction of all required improvements associated with the approval of the city council. (Prior Code, Chapter 16, as amended)
E. No building permit shall be issued until all requirements of this section have been complied with and accepted by the city. (Ord. 2003-5, 4-17-2003)