(A) At the time the final major subdivision plat is approved by the Plan Commission and before the plat is signed by the officers of the Plan Commission, the petitioner shall file a surety or irrevocable letter of credit with the city. The performance bond or letter of credit shall:
(1) Be drawn in favor of the city.
(2) Be in an amount and time period determined by the City Engineer to be sufficient to complete the improvements and installations in compliance with this chapter. The petitioner's engineer or surveyor shall supply an estimate of the cost of improvements and installation on the project to aid the City Engineer in his/her determination of the amount of the bond. The engineer's estimate, however, shall not be binding.
(3) Be with surety satisfactory to city.
(4) Comply with all statutory requirements and shall be satisfactory to the city's attorney as to form, sufficiency, and manner of execution as set forth in these regulations.
(5) Extend for the period within which required improvements must be completed as specified by the Commission in the resolution approving the final major subdivision plat.
(6) Cover all the costs for the developer's installation, testing, inspection, and preparation of as-built drawings of the streets, sanitary sewers, curbs, street signs, sidewalks on existing and proposed right-of-way adjacent to the subdivision and common areas, and other recreational amenities, surface swales, subsurface and storm drainage systems, seeding and erosion control, landscaping and other public improvements.
(B) The city may, upon satisfactorily proving difficulty of circumstances to the Plan Commission, extend the completion date set forth in such bond for a maximum period of one addition year. The city may at any time during the period of such bond, accept a substitution of principal or sureties on the bond upon recommendation of the City Engineer. The city shall have the authority to increase the bond amount to sufficiently cover increased costs.
(C) All required improvements shall be made by the petitioner, at his or her expense, without reimbursement by the local government or any improvement district therein.
(D) Installation of improvements shall be inspected by the City Engineer or his/her representative. The inspections shall be required in all instances regardless of whether the work is performed before or after the final plat approval. Failure of the subdivider to request inspections at proper and reasonable intervals during construction of the improvements and installations as required may be cause for either denial of final major subdivision plat approval and/or denial of acceptance for maintenance by the city.
(E) If the City Engineer or his/her designee finds upon inspection that any of the required improvements have not been constructed in accordance with the approved improvement plans and associated construction standards and specifications, the petitioner shall be responsible for correcting any errors in construction and completing the improvements in accordance with such improvement plans, standards and specifications. Wherever the cost of improvements is covered by a performance bond, the petitioner and the bonding company shall be severally and jointly liable for completing the improvements according to specifications.
(F) If a final major subdivision plat is divided into sections, the Plan Commission may allow for performance bonds to be submitted covering only the improvements to be constructed in each approved section.
(Ord. 6405, passed 4-10-06)