Before a final plat is approved by the city council, the subdivider shall submit a development agreement/contract in form and content satisfactory to the city, and a financial surety found satisfactory to the city in such reasonable amount as determined by the city council to assure the following:
A. That the subdivider shall pay, under terms prescribed in the agreement, for the cost of all improvements required in the subdivision and the subdivision's share of costs of trunk facilities to be extended to the subdivision, except such costs as the city shall agree to assess against benefited property.
B. Guaranteed completion of the required improvements undertaken by the subdivider as approved by the city within a specified time after commencement of any construction in the subdivision, or such portion thereof less than the entire subdivision to be developed at any one time as approved by the city council; provided, that the city council, for good cause, may extend the period of time in which the improvements must be installed.
C. The performance bond or cash escrow agreement herein required shall be equal to one and one-fourth (11/4) times the city engineer's estimated cost of the required improvements.
D. If the required improvements are not completed within the specified time period or such period approved by the city council as hereinabove provided, all amounts held under the escrow agreement or performance bond shall be turned over and delivered to the city and applied to the cost of the required improvements. Any balance after such improvements have been made shall be returned to the subdivider. (Ord. 1038, 7-8-2002)
Next Doc