(A) Agreement. Before a final plat is approved by the Council, the owner and subdivider of the land covered by the plat may be required to execute and submit to the Council an agreement, which shall be binding on his, her or their heirs, personal representatives and assigns, that he or she will cause no private construction to be made on the plat or file or cause to be filed any application for building permits for such construction until all improvements as may be required by the city have been made or arranged for pursuant to this chapter.
(B) Bond. Prior to the making of such required improvements, the owner or subdivider may be required by the city to deposit with the City Clerk an amount equal to one and one-half times the city’s estimated cost of such improvements, either in cash, letter of credit or an indemnity bond, with banks or sureties satisfactory to the city, conditioned upon the payment of all construction costs incurred in making of such improvements and all expense incurred by the city for engineering and legal fees and other expense in connection with the making of such improvements. Letters of credit are to automatically renew annually. Bonds will be approved as to form by the City Attorney.
(C) Inspections. All of the required improvements to be installed under the provisions of this chapter shall be inspected during the course of their construction by the city. All of the inspection costs pursuant thereto shall be paid by the owner or subdivider.
(D) Completed improvements. Drawings showing all improvements as built shall be filed with the City Clerk.
(1975 Code, § 12.07, Subd. 1) (Am. Ord. 63, 4th Series, passed 1-5-2015)