§ 152.58 FINANCING IMPROVEMENTS.
   Improvements required in §§ 152.56 and 152.57 of this chapter and any other costs as determined by the city that are associated with or required by the development shall be paid for and financed by any one or any combination of the following:
   (A)   Directly and completely by the developer;
   (B)   By petition for special assessment by the city and under such terms and conditions as the city may require to assure payment of the assessment when due. When the Council makes a specific determination and finding that a need exists for development of certain types of lots and further that the development would not likely occur under existing market conditions, the Council may enter into a written contract with a developer under the terms and conditions as the Council deems appropriate to protect the public interest including, but not limited to, the deferment of assessments and interest thereon but in no event for a period exceeding five years; and
   (C)   Furnish a bond to the city for an amount equivalent to 150% of the cost of the improvements as determined by the City Engineer or an Engineer retained by the Council, which bond shall comply with the following.
      (1)   The term of the bond shall be six years. In the event the improvements specified in §§ 152.56 and 152.57 of this chapter are not completed within five years from the date of the bond, then, at that time, the bond shall be forfeited and the Council shall be authorized to place the improvements in the entire subdivision and to pay for these improvements from the bond proceeds.
      (2)   The bond shall be non-cancelable unless the Council formally accepts all improvements upon installation as required and authorizes bond cancellation.
      (3)   The petition and special assessment procedure detailed above shall not apply to improvements in the subject subdivision, when this bonding provision is utilized.
      (4)   This procedure shall not apply to subdivisions of less than 25 lots.
      (5)   Lots may be sold prior to the installation of all improvements throughout the subdivision provided that the approval of the Council is received prior to the sale of each lot. Approval of the sale by the Council may be given only if all improvements required in § 152.57 of this chapter have been made to the lots being sold. A contract secured by a cash deposit, certified check or a bond in an amount and with surety and conditions satisfactory to the Council shall be filed and accepted by the Council to guarantee that the improvements required in § 152.56 of this chapter are made to the lots being sold within one year of the sale of those lots.
(Prior Code, § 12.25) (Ord. 117, Third Series, effective 12-12-1991)