(A) The financial guarantee shall be held by the city until:
(1) The subdivider vouches, by certified letter to the city, that the conditions required by the city for approval under this chapter have been satisfied; and
(2) The City Engineer determines that the conditions required for approval have been met.
(B) No financial guarantee shall be released in full until the following has occurred:
(1) All improvements have been completed and public improvements have been accepted by the City Engineer;
(2) Iron monuments for lot corners have been installed;
(3) All financial obligations to the city have been satisfied;
(4) Reproducible record plans of all public improvements as required by the City Engineer have been furnished to the city by the subdivider. Such record plans shall be certified to be true and accurate by the registered engineer responsible for the installation of the improvements;
(5) A warranty/maintenance guarantee has been provided as described in § 153.035, Warranty/Maintenance Guarantee; and
(6) A title insurance policy approved by the City Attorney indicating that the improvements are free and clear of any and all liens and encumbrances.
(C) (1) If the City Engineer finds that all conditions of this chapter and the development agreement have been satisfied, the city shall release and return to the applicant any and all financial securities tied to the requirements within 30 days.
(2) If the city fails to release and return the letters of credit within the 30-day period, any interest accrued will be paid to the applicant, pursuant to M.S. § 462.358, as may be amended from time to time.
(E) (1) If the City Engineer determines that the conditions required for approval have not been satisfied, the city shall send written notice within seven business days upon receipt of the certified letter indicating to the applicant which specific conditions have not been met.
(2) The city shall require a maintenance or performance bond from any subcontractor that has not yet completed all remaining requirements.
(Ord. 879, passed 10-28-2020)