(A) Completion of improvements. Before a final plat is signed by the designated officials for recording, all applicants shall be required:
(1) To complete, in accordance with the Area Plan Commission’s decision and to the satisfaction of the town, city or county engineer or designee, all the streets, sanitary sewers, waterlines, stormwater drainage and other public improvements, including lot improvements on the individual lots of the subdivision as required in this chapter, specified in the approved construction plans and on the final subdivision plat, and as approved by the Area Flan Commission; and
(2) To dedicate the public improvements to the town, city or county, free and clear, of all liens and encumbrances on the property and public improvements thus dedicated.
(B) Performance bond (or equivalent financial instrument).
(1) The Area Plan Commission at its discretion may waive the requirement that the applicant complete all public improvements prior to the approval of the final subdivision plat, and that, in lieu thereof, the applicant shall post a bond securable to appropriate local community or their agency, hereinafter referred to as performance bond, in an amount equivalent to 120% of the estimated cost of completion of the uncompleted portion of required public improvements as provided for in §§ 152.032(G)(1)(a) and 152.033(H)(1)(a) if based on an estimate of a professional engineer based on recent unit prices of similar improvements, or in an amount equivalent to 110% of the estimated cost of completion of the uncompleted portion of public improvements if based on actual bids to construct the improvements.
(2) That in lieu of such a bond, the subdivider may submit irrevocable letters of credit securable by the appropriate local community or their agency in an amount equivalent to 120% of the estimated cost of completion of the uncompleted portion of required public improvements as provided in §§ 152.032(G)(1)(a) and 152.033(H)(1)(a) if based on an estimate of a professional engineer based on recent unit prices of similar improvements; or in an amount equivalent to 110% of the estimated cost of completion of the uncompleted portion of public improvements if based on actual bids to construct the improvements.
(3) That in lieu of such a bond, the subdivider may submit a certificate of deposit made out to either Posey County other units of government having jurisdiction and/or the subdivider, to be held by the County Auditor or other units of government having jurisdiction over them; and in an amount equivalent to 120% of the cost of completion of the uncompleted portion of required public improvements as required in §§ 152.032(G)(1)(a) and 152.033(H)(1)(a) if based on an estimate of a professional engineer based on recent unit prices of similar improvements; or in an amount equivalent to 110% of the estimated cost of completion of the uncompleted portion of public improvements if based on actual bids to construct the improvements . If the subdivider is named singly or jointly on such certificate, then the subdivider must endorse it before submitting it to the Area Plan Commission so that the county or other units of government having jurisdiction may secure the funds.
(4) Such performance bond (or equivalent financial instrument) shall comply with all statutory requirements, and shall be satisfactory to the Area Plan Commission Attorney as to form, sufficiency, and manner of execution as set forth in this chapter. See Appendix A for forms. The period within which required public improvements must be completed shall be specified by the Area Plan Commission in the primary approval of the preliminary plat, and shall be incorporated into the bond and shall not in any event exceed two years from date of secondary approval. Such bend (or equivalent financial instrument) shall be approved by the participating jurisdiction as to amount. The Area Plan Commission may upon proof of difficulty, grant an extension of the completion date set forth in such bond (or equivalent financial instrument) for a maximum period of one additional year, provided that the bond (or equivalent financial instrument) submitted for this extension period meets all other requirements herein. The Area Plan Commission may at any time during the period of such bond (or equivalent financial instrument) accept a substitution of principal or sureties on the bond (or equivalent financial instrument).
(C) Temporary public improvements. The applicant shall build and pay for all costs of temporary public improvements required by the Area Plan Commission or as requested by the participating jurisdiction, and shall maintain same for the period specified by the Area Plan Commission. Prior to construction of any temporary public facility or improvement, the subdivider shall file with the Area Plan Commission as separate suitable bond (or equivalent financial instrument) for temporary facilities, which bond (or equivalent financial instrument) shall insure that the temporary facilities will be properly constructed, maintained, and removed, except for turn-around at ends of the peripheral streets intended for connection into adjacent future subdivisions.
(D) Cost of public improvements. All required public improvements shall be made by the applicant at his or her expense without reimbursement by the participating jurisdictions or any public improvement district therein, unless sharing of expenses is agreed upon by the county or other participating jurisdictions, where applicable.
(E) Government units. Government units to which these bond (or equivalent financial instrument) provisions apply may file in lieu of the bond (or equivalent financial instrument) a certified resolution or ordinance from officers or agencies authorized to act in their behalf, agreeing to comply with the provisions of this section.
(F) Failure to complete public improvements. For subdivisions for which no performance bond (or equivalent financial instrument) has been posted, if the public improvements are not completed within the period specified by the Area Plan Commission in the primary approval of the preliminary plat, the approval shall be deemed to have expired. In those cases where a performance bond (or equivalent financial instrument) has been posted and the required public improvements have pot been installed within the terms of such performance bond (or equivalent financial instrument), the participating jurisdiction may thereupon request the county, city or town to declare the bond (or equivalent financial instrument) to be in default and cause all public improvements to be installed according to secondary approval regardless of the extent of the building development at the time the bond (or equivalent financial instrument) is declared to be in default.
(G) Acceptance of dedication offers. The approval by the Area Plan Commission of a subdivision plat shall not be deemed to constitute or imply the acceptance by the county or other participating jurisdiction of any street, easement, or park shown on the plat. The Area Plan Commission may require the plat to be endorsed with appropriate notes to this effect. The acceptance is that of only the real property itself.
(Ord. 13-8, passed 5-16-13)