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The subdivider may receive approval and acceptance of the plat, provided the following conditions are met:
(a) The subdivider shall furnish the City with a corporate surety bond in an amount equal to 100 percent of the estimated cost of the improvements, as a guarantee that such improvements will be completed within a period of two years from the date of acceptance of the plat by Council, subject, however, to inspection by the City Engineer with all inspection and incidental charges to be paid by the developer of the allotment. In the event the improvements are started but not completed by the subdivider, the bond shall provide that the City may take over the work and complete it under the bond, and when all improvements outlined on the plans have been completed to the satisfaction of Council, the bond will be released.
(b) A policy of indemnity insurance in the amount of five hundred thousand dollars ($500, 000)/one million dollars ($1, 000, 000) personal liability and twenty-five thousand dollars ($25, 000) property damage protecting the City against any claims for damage to person or property resulting from or by reason of the construction of the previously mentioned improvements shall be furnished to the City by the subdivider. The insurance policy shall remain in force and effect until all the improvements are completed to the satisfaction of Council.
(Ord.1418. Passed 5-23-61.)
(c) The subdivision may request the City to take over all construction of improvements and assess the total cost against the various lots. This procedure may be allowed upon condition that the subdivider furnishes to the City a surety bond, irrevocable letter of credit or other surety-type instrument acceptable to the fiscal officer of the City to assure payment of the assessments. The initial amount of the required instrument shall be reduced annually in proportion to the amount of the assessments on property sold to individual owners not affiliated with the subdivider, provided that on lots zoned Single-Family Residential, the annual reduction shall apply only to lots on which a house is constructed and sold to an individual owner.
(Ord.85-0-11. Passed 4-23-85.)
(d) At the time of submitting the written application for conditional approval of the preliminary plat, the subdivider shall pay, by legal tender or by check or money order made payable to the City, a fee, the amount to be determined by the following schedule:
No. of Lots in Plat Amount of Filing Fee
5 or less $ 50.00
6 to 10 50.00, plus $7.50 for each sublot in excess of 5
11 to 20 87.50, plus 5.00 for each sublot in excess of 10
21 to 50 137.50, plus 3.00 for each sublot in excess of 20
51 or more 227.50, plus 2.00 for each sublot in excess of 50
(e) At the time the written application, plans and data, as heretofore required for approval of the final plat, are submitted, the subdivider shall deposit with the City an amount of cash or certified check equal to two percent of the cost of construction of improvements based upon the engineer's certified detailed estimate of costs, but in no case shall the deposit be less than one hundred dollars ($100.00) or more than one thousand dollars ($1, 000) from which shall be deducted all moneys expended by the City incurred incidental to the review and approval of the plat, plans and data submitted, and inspection and supervision of the installation of improvements, together with an agreement to increase such amount in such increments as may be required by the City from time to time, the residue of such deposits to be returned to the subdivider after final acceptance by the City of all work contemplated.
(Ord.1418. Passed 5-23-61.)