(A) Before the final plat is approved by the Common Council the divider shall submit a public utility construction plan, a construction estimate, a construction agreement and performance bond or some other similar surety acceptable to the City equal to 100% of the engineer's estimated cost of the required improvements or cash escrow agreement or other surety to assure the following:
(1) Completion of the required public improvements within a two year period.
(2) Payment by the subdivider for all costs incurred by the City for review and inspection. This will include the preparation and review, plans and specifications by the City Planner and Attorney as well as other costs of similar nature.
(3) If the required improvements are not completed within the two year period, all amounts held under the escrow agreement or performance bond shall be turned over and delivered to the City and applied to the cost of the required improvements. Any balance remaining after such improvements have been made shall be returned to the owner or the subdivider. At its option, the Common Council may extend the bond period for an additional period not to exceed two years.
(B) The developer may elect to have these improvements constructed in one of the two following ways:
(1) The developer may construct the improvements through his own financing and construction. In this case the developer will prepare utility plans with construction estimates, which shall be submitted to the City for review and approval prior to construction. The construction shall be inspected as determined by the City to see that it is in compliance with the City's construction design requirements. Upon completion of these improvements, they shall be accepted by the City when found to be in conformity with City standards as determined by the Director of Public Works.
(2) The developer may elect to request the City to construct the improvements under the City's Capital Improvement Program. In this case the City will design and construct the improvements under the next Public Works Program that it can be included in. The City will bill the developer for the design and the developer's share of these improvements as per § 15.4.16 of this chapter. Should the developer elect to have the City make the improvements, such request shall be made prior to but in no event later than October 1 of the year preceding construction.
(Ord. 559, passed 6-8-88)