(a) Type of Guarantees. The developer may execute and file with the City financial guarantees, in lieu of actual installation or completion of the required improvements, concurrently with the application for approval of the final plat. Such guarantees may be in the form of a performance or surety bond, a certified check or any other type of surety approved by the City.
(b) Terms of Guarantees. The terms shall be determined by the Planning Commission. However, they shall not be for a longer period than eighteen months unless Council, by resolution, extends the time. Bonds shall be executed by the applicant as principal with a surety company authorized in the State and shall be in a form satisfactory to the Director of Law.
(c) Amount of Guarantee. The financial guarantees shall be in an amount equal to the estimated total cost of materials, labor and engineering required to install or construct the improvements, plus ten percent for contingencies. Such costs shall be determined by the City Engineer. When any portion of an improvement has, upon inspection, been found satisfactorily completed, a reduction in the bonds or partial withdrawal of funds equal to the estimated costs of such completed improvements may be authorized.
(d) Progressive Installation. 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 the sale or lease of lots may proceed only on that portion of the subdivision which has been approved and recorded.
(Ord. 1962-8. Passed 2-21-62.)