The developer shall execute and file with the City, financial guarantees of actual installation of completion of the required improvements. Filing shall be concurrent with the application for approval of the final plat.
(a) Type of Guarantees. Such guarantees may be in the form of a performance of surety bond, a certified check or any other type of surety approved by the City. The terms of such guarantees shall be determined by the Commission. However, they shall not be for a longer period than two (2) years unless Council, by resolution, extends the time. Bonds shall be executed by the applicant as principal with a surety company authorized to do business in the State and acceptable to the City.
(b) Amount of Guarantee. The financial guarantees shall be in an amount equal to the estimated total cost of materials and labor required to install or construct the improvements as determined by the City Engineer. When any portion of an improvement has, upon inspection by the City Engineer, been found satisfactorily completed, a reduction in the bonds, or partial withdrawal of funds equal to the estimated costs of such complete improvements, may be authorized, notwithstanding the provisions of Section 1111.09
(a).
(c) 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 sale or lease of lots may proceed only on that portion of the subdivision which has been approved and recorded.
(Ord. 58-73. Passed 7-23-73).