(A) This chapter allows for final plat approval so that the developer may begin selling lots and/or houses before completing construction of the required infrastructure (i.e., streets, sidewalks, streetlights, water and sewer extensions and other subdivision requirements). In order to obtain final plat approval before the infrastructure is completed, the developer must enter into a subdivision agreement with the city setting forth the yet to be completed subdivision requirements and the expected costs to complete the remaining requirements. The developer’s engineer must provide a written, detailed cost estimate and provide it to the city, which will in turn have it reviewed by the city’s Engineer for completeness and accuracy of the cost estimate. The subdivision agreement will make reference to the remaining subdivision requirements and the estimated costs as finally agreed upon by the developer and the city. The letter of credit is required to be 1.2 times or 120% of the cost estimate, to allow for unforeseen contingencies and inflation.
(B) Below is a checklist for this process.
(1) The developer pays the city the application fee for final plat approval of all or a portion of a subdivision.
(2) The developer’s engineer prepares a detailed cost estimate, including all incomplete requirements as outlined in this chapter. The city shall provide standard forms for use in preparing the cost estimate.
(3) Upon receipt of the developer’s engineer’s estimate, the city’s Engineer will review the same and discuss any modifications he or she believes necessary to the developer’s estimate.
(4) The Planning and Zoning Department will have the City Attorney prepare the subdivision agreement. This will be handled between the Planning and Zoning Department and the City Attorney, and all inquiries by the developer will be made to the Planning and Zoning Department, and not directly with the City Attorney.
(5) Upon completion of the subdivision agreement and approval by the developer, the developer will give the subdivision administrator the name and phone number of the bank which the developer would like to use to issue the letter of credit. Do not have the bank issue any letter of credit until advised to do so by the subdivision administrator. Letters of credit will need to be issued only after the City Attorney and the banking representative discuss the matter to be sure that the bank meets the city’s requirements and uses the correct language and dates in the letter of credit.
(6) After the subdivision agreement has been signed by the city and developer, and a proper letter of credit has been issued in accordance with city requirements, then the developer may proceed to develop his or her subdivision and obtain zoning compliance permit.
(Ord. passed 9-27-2021)