(A) Prior to approval by the City Council of any final plat of a subdivision in which some or all of the improvements required in this article have not been constructed, the owner of the property in the proposed subdivision shall enter into a written agreement with the city, to be approved by the City Council, as herein provided, and shall deposit with the City Clerk an amount equal to the fee of the Register of Deeds for recording the agreement. The agreement shall provide in effect that the owner of the property:
(1) Agrees to construct such improvements within the time specified in the agreement;
(2) Consents (with respect to the improvements that are of a type which the city under statute has power to construct, and to pay the cost, or part of the cost, of which the city has power to levy special assessments against property to the extent of special benefit) that if such construction is not completed by the owner within the time specified, the city may, in accordance with statute, construct such improvements and levy such special assessments;
(3) Waives, with respect to the construction and special assessments referred to in division (A)(2) above, the provision of any statute to the effect that a protest filed with the City Council or City Clerk by the owner or owners of property in a proposed improvement district will bar the formation of the district by the City Council; and
(4) Agrees that the agreement shall bind as well the personal representatives, heirs, devisees, legatees, successors, and assigns of the owner.
(B) The agreement shall bear an acknowledgment by the owner, be in a form recordable in the office of the Register of Deeds, and otherwise be in such form as the Planning and Building Official shall prescribe. Approval of the agreement by the City Council, if granted, shall be specifically shown in the minutes of the meeting of the City Council. Upon approval of the agreement and the final plat by the City Council, the City Clerk shall cause the agreement to be filed for record with the Register of Deeds, such filing to be made either prior to or forthwith after the filing of the plat with the Register of Deeds.
(C) The City Manager or the Finance Director is authorized to release all or part of any security given by the developer to secure the developer’s financial obligation to the city when one of the following events has occurred:
(1) The developer’s financial obligation to the city has been discharged;
(2) The City Manager or Finance Director finds that in pursuant to the terms of the agreement, the developer is entitled to a release or partial release of the security; or
(3) The City Manager or Finance Director finds that after such a release, the city will remain adequately secured for the balance of the developer’s financial obligation to the city.