(A) Security. The infrastructure improvements required by this chapter shall be installed prior to the approval and recording of the final plat. Water lines and sewer lines need to be installed and streets paving completed with the minimum being all but the final surface course layer of asphalt before the final plat is approved. If other improvements have not been completed and approved by the Director of Engineering before the final plat is submitted to the city, the applicant shall enter into an agreement with the Director of Engineering for the deposit of funds securing 125% of the estimated construction costs for completion of the required infrastructure improvements, based upon the prevailing wage rate then currently in effect for the city. The estimate of construction cost shall be provided by the developer's engineer of record. The agreement shall remain in effect until the Director of Engineering certifies completion of all required infrastructure improvements. All improvements must be completed within two years from the date of the agreement. If the infrastructure is not completed upon expiration of the agreement, the developer shall forfeit all sums necessary for the completion of the required public infrastructure improvements to the city. The city will decide how to proceed with the required improvements with the forfeited funds.
(B) Security for such requirements may include:
(1) A performance bond securing an amount equal to or exceeding 125% of the estimated construction costs which shall be provided by the developer's engineer of record, for completion of the required infrastructure improvements, based upon the prevailing wage rate then currently in effect for the city, such bond to be executed by the developer as principal, with a corporate surety authorized to transact business in the State of Illinois and acceptable to the Director of Engineering; or
(2) An escrow agreement with the Director of Engineering and an escrow agent for the deposit of an amount equal to or exceeding 125% of the estimated construction costs for completion of the required infrastructure improvements, based upon the prevailing wage rate then currently in effect for the city to assure adequate funds for the completion of the required infrastructure improvements. The estimate of construction cost shall be provided by the developer's engineer of record. The escrow agreement shall be in a form adopted by the Director of Engineering and executed by the developer, the Director of Engineering and a bank or savings and loan association authorized to transact business in the State of Illinois and acceptable by the Director of Engineering, as escrow agent. Upon completion of improvements and approval by the Director of Engineering, the city will allow draw down by the developer of escrow funds for completed work.
(3) An irrevocable standby letter of credit, in a form acceptable to the Director of Engineering, with the city named as drawor.
(4) The term of any bond or escrow shall not exceed two years and the applicant shall remain liable for actual completion of such improvements whether or not a bond or escrow deposit is adequate to assure completion of such improvements.
(C) Letter of credit or escrow agreement. Security is required to assure compliance with § 161.13(B)(7). Therefore, if Portland Concrete Cement is the surface material for a subdivision street, a letter of credit or escrow agreement of 25% of the construction cost shall be required for a minimum of two years from the date of final plat approval. The letter of credit or escrow agreement must be in a form acceptable to the Director of Engineering. The estimate of construction cost shall be provided by the developer's engineer of record.
(D) Annexation covenant. Prior to the sale of any lots in a subdivision in which any infrastructure improvements serving such lot or lots will be dedicated to the city, or which are designed for the purpose of eventual connection to dedicated infrastructure improvements of the city, the developer or owner of record shall record a duly executed annexation covenant in a form approved by the Director of Utilities, the Director of Engineering and the Director of Planning and Development, which provides that the developer or owner of record shall petition, at his, her or their own expense, for annexation of such lot or lots to the City of Quincy and to the Quincy Park District at any time in the future as he, she or they may be requested to do so by the city and the Park District.
(Ord. 9278, passed 6-22-2015)