(A) Performance bond. As a condition for approval of a final plat by the City Council, the subdivider may be required to deposit with the City Clerk a bond or other security binding the subdivider to payment to the city to assure completion of all streets, drainage and other public improvements both on site and off site as may be required. The bond or other security will be in the amount of one hundred twenty-five percent (125%) of value of all Public Improvements. The City Council may conditionally approve the final plat to become effective at such time as the required bond or other security shall be deposited with the City Clerk within a time fixed by the City Council. The bond shall be executed by the subdivider as principal and may have at least one (1) good and sufficient surety approved by the city. It is the purpose and intent of this section that the subdivider provide such security as the city shall deem to be reasonably necessary to assure completion. The requirement of a surety on the bond shall be at the discretion of the City Council; however, before the City Council accepts a bond or other security, it must first obtain approval from the City Engineer as to the amount and approval from the City Attorney as to the form of the bond or other security.
(B) Completion of improvements. If a performance bond is not required, all applicants shall be required to complete, in accordance with the City Councils' decision and to the satisfaction of the City Engineer all public improvements and lot improvements of the subdivision as required in these regulations and to dedicate the same to the city free and clear of all liens and encumbrances on the property prior to city officials signing the plat. The City may allow incremental drawdown of the performance bond as improvements are made.
(C) Temporary improvement. The applicant shall build and pay for all costs of temporary improvements required by the city and shall maintain the same for the period specified by the city. Prior to construction of any temporary facility or improvement, the developer shall file with the local government a separate suitable bond for temporary facilities, which bond shall ensure that the temporary facilities will be properly constructed, maintained and removed.
(D) Costs of improvements. All required improvements shall be made by the applicants at his/her expense, without reimbursement by the city.
(E) Failure to complete improvement. For subdivisions for which no performance bond has been posted, if the improvements are not completed within the period specified by the City Council at the time of final plat approval, the approval shall be deemed to have expired. In those cases when a performance bond has been posted and required improvements have not been installed within the terms of such performance bond, the City Council may declare the bond to be in default and require that all the improvements be installed regardless of the extent of the building development at the time the bond is declared to be in default.
(F) Acceptance of dedication offers. Acceptance of formal offers of dedication of public improvements (such as streets, public areas, parks, etc.) shall be in accordance with the procedure and process established in Chapter 182, procedure for acceptance and maintenance of public improvements.
(G) Maintenance Bonds. After completion of improvements and exception of dedication, a two (2) year maintenance bond or other security will be required in the amount of twenty-five percent (25%) of all dedicated Public Improvements.
(Ord. 96-05, passed 2-15-96; Am. Ord. 2016-32, passed 5-19-16; Am. Ord. 2016-74, passed 11-17-16)