(A) Development agreement.
(1) Before a final plat is approved by the City Council and prior to recording or registering a final plat, the owner or subdivider of the land covered by the plat shall execute and submit to the Council an agreement, which shall be binding on his, her, or their heirs, personal representatives, and assigns, which embodies the terms and conditions of the approval given by the Council, including, but not limited to, requirements set forth in this chapter and which controls the installation of all required improvements. The agreement will require all improvements in compliance with approved engineering standards and applicable regulations. Said development agreement shall provide for the supervision and inspection of the construction by the City Engineer and shall provide for the fees and securities in connection to the improvements.
(2) The owner or subdivider shall cause no private construction to be made on the plat or file or cause to be filed any application for building permits for the construction until all improvements required under this chapter have been made or arranged for in the following manner, as respects the streets to which the lots sought to be constructed have access.
(B) Trunk utility area fees. As a condition to subdivision plat approval, subdivider shall pay both a trunk storm sewer, trunk sanitary sewer fee, and a trunk water main fee to the city to fund the trunk storm sewer, trunk sanitary sewer, and trunk water main improvements required by the proposed development. The city shall establish the trunk fees by ordinance. The city shall incorporate these trunk fees into the development agreement with the subdivider, which shall be collected with any new subdivisions in accordance with the public improvement financing policy of the city, as may be amended, and which may be assessed.
(C) Securities. In order to cover the legal, engineering, and administrative costs and expenses incurred by the city in connection with the review and approval of the subdivision and the inspection of the actual installation and construction of the improvements, the owner or subdivider, shall, before recording the final plat, deposit with the city an escrow amount, which shall be based on a percentage of the engineer’s estimate of the cost of the construction of the improvements. The percentages shall be set in the city fee schedule.
(D) Construction plans. Construction plans and specification for the required improvements conforming in all respects with all ordinances of the city shall be prepared at the expense of the owner or subdivider by a professional engineer registered by the state. Such plans and specifications shall be approved by the City Engineer and shall become a part of the development agreements. Prints of said plans shall be filed with the city, as required by the City Engineer.