1115.14 GUARANTEE OF REQUIRED PUBLIC IMPROVEMENTS.

   (a)    In lieu of the installation of the above improvements prior to the approval and recording of the plat, the subdivider may provide financial security in one or a combination of the following arrangements, whichever the subdivider elects:

      (1)    A performance or surety bond to cover the costs of the contemplated improvements as estimated by the Public Works Director shall be filed with the City. Such bonds shall specify the time period in which the improvements are to be completed and shall be with an acceptable bonding company authorized to do business in the State.

      (2)    A cash deposit, or deposit by certified check payable to the City of Norwalk, sufficient to cover the cost of the contemplated improvements as estimated by the City or its authorized agents shall be deposited with the City of Norwalk. The escrow deposit shall be for the estimated time period necessary to complete the required improvements.

      (3)    An irrevocable letter of credit issued by a bank authorized to do business in the State in an amount to cover the cost of the contemplated improvements as estimated.

   (b)    In addition to the financial guarantee for completion of improvements, the developer shall make deposits with the City to cover the cost of supervision of construction. The deposits shall be made prior to the start of any construction. The amounts to be deposited shall be as determined by the Public Works Director.

      (1)    The developer may apply for final approval and recording of only a portion of the entire subdivision. Under such a progressive unit development procedure, the installation of required improvements and sale or lease of lots may proceed only on that portion of the subdivision which has been approved and recorded.

      (2)    The developer shall guarantee the construction and materials of all improvements for a twelve month period after acceptance by the City and in order to secure this guarantee, he shall furnish a bond or refundable security in an amount equaling two percent (2%) of the total construction cost and deposit or file the guarantee with the City.

      (3)    The developer shall agree by contract to indemnify and save harmless the City against and from any and all loss, cost, damage, liability and expense on account of damage to property of, or injury to or death of, the parties hereto or third person, caused by, growing out of, or in any way whatsoever attributable to the construction of the improvements and the use of the street delineated on the subdivision plat during construction. The developer shall further agree by contract, but without limiting its liability to indemnify the City to carry liability insurance contracts in the sum of one million dollars ($1,000,000) for a single bodily injury or death of persons and for damage to or destruction of property, which insurance contracts shall include the City as a named insured. The developer agrees to maintain on file with the City during the period of the construction, certificates or memoranda of insurance evidencing that the insurance contracts are in force.

   (c)    In case the subdivider shall fail to complete the required public improvements work within such time period as required by the conditions or guarantees as outlined herein, the City may proceed to have such work completed and reimburse itself for the cost thereof by appropriating the cash deposit, certified check, surety bond or by drawing upon the letter of credit or shall take the necessary steps to require performance by the bonding company.

(Ord. 2011-008. Passed 3-15-11.)