(A) Approval.
(1) Before a final plat may be approved by the City Council, the owner shall execute and submit to the Council an agreement, which shall be binding on his or her (or their) heirs, personal representatives and assigns, that he shall cause no private construction on said land except with approval of the City Engineer, until all improvements required under this chapter have been petitioned for, arranged for, or have been constructed.
(2) No final plat shall be approved by the Council without first receiving a report from the City Engineer certifying that the improvements described herein, together with the agreements and documents required herein have been constructed and meet the minimum requirements of all applicable ordinances. In the alternative, the owner may deposit with the City Clerk-Treasurer a sum of money equal to one and one fourth times the estimate of the cost of such required improvements, either in cash or indemnity bond, with sureties satisfactory to the city, conditioned upon the payment of all construction costs incurred in making of such improvements and all expenses incurred by the city for engineering and legal fees and other expenses in connection with the making of such improvements and conditioned upon completion of all such improvements within 12 months of final plat approval.
(3) A certified copy of the plat restrictions shall be filed with the City Clerk-Treasurer and County Recorder which shall include a provision that, in all instruments of sale or conveyance given before all street improvements have been made, the grantee shall agree to and approve such improvements and the assessment of their cost.
(B) City financing. Upon recommendation of the City Engineer and with the approval of the City Council, any or all of the required improvements may be financed and assessed by the city pursuant to M.S. Ch. 429, as it may be amended from time to time. Length of assessment period and rate of interest shall be as determined by the City Council.
(C) Financing by developer. If deemed advisable and to be in the best interests of the city, the City Council may require the developer to finance and pay for any or all improvements. Prior to the making of such required improvements, the owner or subdivider shall deposit with the City Clerk-Treasurer an amount equal to one and one-fourth times the City Engineer’s estimated cost of any or all such improvements which are to be financed by the developer, either in cash or an indemnity bond, with sureties to the satisfaction of the city, conditioned upon the payment of all construction costs incurred in making such improvements and all expense incurred by the city for engineering and legal fees and other expense in connection with the making of such improvements. All improvements shall be constructed in accordance with the design and standards approved by the City Engineer and consistent with city ordinances and state law within 12 months of the date of final plat approval. The subdivider shall reimburse the city for all expense incurred by the city for engineering, legal fees, and other expense in connection with such improvements.
(Ord. 19-2, passed 4-11-2005) Penalty, see § 153.999