All public improvements for new subdivisions shall be furnished and installed at the sole expense of the developer. If any improvement installed within the subdivision will be of substantial benefit to lands beyond the boundaries of the subdivision, provision may be made for causing a portion of the cost of the improvement (representing the benefit to such lands) to be allocated in accordance with city policies and shall be outlined in the development agreement.
(A) Prior to installation of any required improvements by the developer and prior to recording of the final plat, the developer shall enter into a development contract and provide cash escrow, letter of credit, or similar guarantees to the city related to performance, and/or for installation of public improvements, and/or developer to install improvements.
(1) The developer shall furnish and construct improvements at their sole cost and in accordance with plans and specifications and usual development contract conditions. This shall include provision for supervision of details of construction by the City Engineer and shall grant to the City Engineer authority to coordinate the work and improvements to be done under said development contract by any subcontractor authorized to proceed thereunder and with any other work being done or contracted by the city in the vicinity. The agreement shall require all public and private utility material standards and installation requirements to be met and shall be approved by the City Engineer.
(2) The agreement shall require the applicant to make an escrow deposit or furnish an irrevocable letter of credit or certified check determined by the city. The amount of the deposit or security is to be based on the City Engineer's estimate of the total cost of the improvements to be furnished under the contract, including the cost of inspection. The deposit amount shall be equal to 150% of the Engineer's estimate.
(3) On request of the applicant, but at the sole discretion of the city, the contract may provide for completion of part or all of the improvements covered thereby prior to acceptance of the plat. In such event, and if evidence is presented that the described work and improvements have been paid for, the amount of the deposit may be reduced in a sum equal to the estimated cost of the improvements so completed prior to the acceptance of the plat.
(4) Guaranteed completion of the required improvements undertaken by the developer as approved by the city within a specified time after commencement of any construction in the subdivision, or the portion thereof less than the entire subdivision to be developed at any one time as approved by the City Council, provided that the City Council for good cause may extend the period of time in which the improvements must be installed.
(5) If the required improvements are not completed within the specified time period or a period approved by the City Council as hereinabove provided, all financial securities shall be turned over to the city and applied toward the cost of the required improvements. Any balance after the improvements have been made shall be returned to the developer upon written request.
(6) No developer shall be permitted to start work on any other subdivision improvements without special written approval of the City Council.
(Ord. 582, passed 8-26-2019) Penalty, see § 152.999