(A) Prior to the submission of a final plat application and prior to approval of a metes and bounds subdivision, the subdivider shall provide for the construction of the required improvements at his, her, or their expense and shall have the work completed or shall enter a development contract and give bond or other financial assurance satisfactory to the Council in an amount equal to 125% of the estimated cost of the uncompleted improvements except as provided in division (C) below. The bond shall be released by the City Council upon the recommendation of the City Engineer indicating the improvements are satisfactorily complete.
(B) The required improvements shall conform to the standards of this subchapter and shall include street cross-sections, signs, and lighting in conformance with adopted city standards.
(C) The subdivider may request the city to construct municipal sewage facilities, municipal water facilities, or bituminous street surfacing with all costs to be assessed against the benefitted properties. If the City Council agrees, the subdivider shall enter a development contract and give a bond or other financial assurance satisfactory to the Council in an amount equal to 50% of the estimated costs. The assessments shall be paid in full upon sale of the property.
(D) All costs of the City Engineer, City Attorney, Bond Council, financial experts, and other professional costs borne by the city in writing and/or executing development contracts, estimates of cost, inspectors, financial arrangements, assessments, and pursuing legal remedies in event of default by the subdivider, shall be borne by the subdivider or his, her, or their successors.
(E) Before final release of the bond, record drawings shall be provided by the applicant documenting final locations of improvements.
(Ord. passed 4-10-2017) Penalty, see § 150.999