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Before consideration of a final plat of a subdivision and/or PUD, the city council must be satisfied that all improvements required have been constructed. In lieu of the completion of the improvements, a bond executed by a surety company, based on an estimate by the City Engineer, shall be furnished by the subdivider in an amount equal to one hundred fifty percent (150%) of the cost of construction of such improvements.
The surety will be subject to the condition that the improvements will be completed twelve (12) months after approval of the final plat or PUD, and in the event they are not completed, the City shall proceed with the work and hold the owner and the bonding company jointly responsible for the costs thereof. As an alternative, the subdivider may deposit a certified check with and payable to the City in place of the surety bond. (Ord. 119, 5-3-1994)