Before a final plat is approved by the City Council, the subdivider shall submit an agreement and performance bond or cash escrow agreement to assure the following:
(A) The subdivider shall pay for the cost of all improvements required in the subdivision;
(B) Guaranteed completion of the required improvements within a two-year period;
(C) Payment by the subdivider for all costs incurred by the municipality for review and inspection. This would include preparation and review of plans and specifications by the consulting engineer, planner and attorney, as well as other costs of a similar nature;
(D) The city may elect to install any of the required improvements under the terms of a cash escrow agreement;
(E) The performance bond or cash escrow agreement shall be equal to one and one-quarter times the consulting engineer’s estimated cost of the required improvements; and
(F) If the required improvements are not complete within the two-year period, all amounts held under the escrow agreement or performance and 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 subdivider.
(1974 Code, § 10-4-7) (Ord. 518, passed 3-25-1969)