Prior to the city signature of the final subdivision plat, all improvements required by the conditions of approval shall be constructed or the construction shall be guaranteed through an irrevocable letter of credit, assignment of bank account, performance bond, cash or other instrument acceptable to the City Attorney. The assurance sum shall cover the cost of the improvements and repairs, including related engineering and incidental expenses identified in an itemized improvement estimate provided by the developer and certified by a registered civil engineer. A development agreement between the city and the developer shall be recorded with the final plat. In the event the developer fails to carry-out the provisions of the agreement, and the city has unreimbursed costs or expenses resulting from such failure, the city shall call on the bond, cash deposit, letter of credit or other instrument for reimbursement. The developer shall not cause termination of, nor allow expiration of, the guarantee without first having secured written authorization from the city.
(Prior Code, § 16.135.065) (Ord. 427, passed 5-16-2016; Ord. 451, passed 6-4-2018; Ord. 454, passed 10-1-2018; Ord. 470, passed 8-17-2020)