(a) Improvements and Facilities Required. Council may require all improvements and facilities to be completed before it approves the final plat. If the improvements and facilities are not required to be completed by Council before plat approval, the final plat shall be accompanied by a contract between the proprietor and Council for completion of all required improvements and facilities, and such contract shall be recorded and referred to on the plat.
(b) Financial Security Arrangement. In lieu of actual installation of public improvements, as required by Council, the proprietor may elect to provide a financial guarantee of performance in one, or a combination, of the following arrangements to ensure the conditions which will lead to the completion of all required public improvements deemed necessary:
(1) A performance bond with adequate surety to cover the costs of the contemplated improvements as estimated by the City or its agent shall be filed with the City Clerk. Such bond shall specify the time period in which the improvements are to be completed and shall be with a bonding company authorized to do business in the State and acceptable to the City.
(2) A cash deposit, or deposit by certified check, sufficient to cover the cost of the contemplated improvements as estimated by the City or its agent shall be deposited with the Clerk. The escrow deposit shall be for the estimated time period necessary to complete the required improvements.
(3) An irrevocable letter of credit, issued by a bank authorized to do business in the State, in an amount to cover the cost of the contemplated improvements as estimated, is required.
Council shall rebate or release to the proprietor, as the work progresses, amounts equal to the ratio of the completed and accepted work to the entire project.
(c) Improvements Prior to Final Plat Approval. The proprietor may elect to install or cause to be installed, prior to the approval of the final plat, all or a part of the required public improvements. In such case the proprietor shall, at the time of final plat approval, provide financial security for any remaining public improvement obligations.
(d) Inspections. Any improvement to the property by the proprietor shall be inspected by the Municipality for conformity to Municipal standards, and such inspections may be charged against the proprietor. These charges shall be paid in full prior to final plat approval.
(e) Failure to Complete Improvements. If the proprietor fails to complete the required public improvement work within such time as is required by the conditions or guarantees outlined in this section, Council may proceed to have such work completed and reimburse itself for the cost thereof, by appropriating the cash deposit, certified check or surety bond or by drawing upon the letter of credit, or take the necessary steps to require performance by the bonding company as included in the written agreement with Council and the proprietor.
(Ord. 421. Passed 6-1-82.)