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(1) Before a final plat may be approved by the Lead City Commission, the owner shall execute and submit to the Lead City Commission an agreement, (which shall be binding on his or her or their, heirs, personal representatives and assigns) that he or she shall cause no private construction on the land except with approval of the Community Development Officer, 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 Lead City Commission without first receiving a report from the Community Development Officer certifying that the improvements described herein, together with the agreement and documents required herein, will meet the minimum requirements of all applicable ordinances.
(3) A certified copy of the plat restrictions shall be filed with the Clerk and Register of Deeds 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 the improvements and the assessment of their cost.
(B) City financing. Upon recommendation of the Community Development Officer and with the approval of the Lead City Commission, any or all of the required improvements may be financed and assessed by the city pursuant to state statutes. Length of assessment period and rate of interest shall be as determined by the Lead City Commission.
(C) Financing by developer.
(1) If deemed advisable and to be in the best interests of the city, the Lead City Commission may require the developer to finance and pay for any or all improvements.
(2) Prior to the making of the required improvements, the owner or subdivider shall deposit with the City Finance Officer an amount equal to the Community Development Officer's estimated cost of any or all the 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 by the city in making of the improvements and all expense incurred by the city for engineering and legal fees and other expense in connection with the making of the improvements.
(3) All improvements shall be contracted through the city.
(Prior Code, § 4-1000)