Prior to approval by Council of any final plat of a subdivision in which some or all of the improvements required in Section 1228.01 have not been constructed, the owner of the property in such subdivision shall enter into a written agreement with the City, which shall be approved by Council as herein provided, and shall deposit with the Clerk- Treasurer an amount equal to the fee of the County Clerk for recording the agreement. Such agreement shall make provision for the following:
(a) The owner of the property shall agree to construct such improvements within the time specified in the agreement and to compensate the City for the cost to inspect the construction of such improvements. The subdivides shall deposit with the City a performance and payment bond, an irrevocable letter of credit, cash and/or other acceptable collateral, which is sufficient, in the judgment of Council, to ensure financial capability for the completion of the improvements required under Section 1228.01. Such assurance shall be supplied at the time the final plat is accepted and shall be 1.25 times the cost to complete such improvements, as estimated and/or approved by the City Manager.
As improvements are completed and "as built drawings" are submitted, the subdivides may apply to the City for a release of part or all of the collateral deposited with the City. Upon inspection and approval of such improvements, the City shall release such collateral. If the City determines that any of such improvements is not constructed in substantial compliance with the specifications, the City shall furnish the subdivides a list of specific deficiencies and shall be entitled to withhold collateral sufficient to ensure substantial compliance. If the City determines that the subdivides has not constructed any or all of the improvements in a timely manner and in accordance with all of the specifications, the City may withdraw and use from the deposit of collateral such funds as may be necessary to construct the improvement or improvements in accordance with the specifications.
(b) As an alternative or as a supplemental method to the property owner constructing all of such improvements at his or her expense as provided in subsection (a) hereof, if Council is satisfied that substantial development shall commence within the subdivision within eighteen months after Council's approval of the final plat of the subdivision, so that it is not likely that the City will ultimately have to bear a substantial amount of the costs of the improvements, then the agreement may provide that the property owners, which are defined as all owners of private property in the proposed district or districts, shall, concurrently with Council approval of the final plat of the subdivision, file a petition in writing to the Mayor and Council to create a proposed improvement district or districts. The boundaries of such proposed district or districts must be approved by the City Manager, and such district or districts must be authorized by statute to make one or more of the required improvements in the subdivision without cost to the City, and to assess the entire cost of any such improvement against the private property within the improvement district.
(c) As an alternative or as a supplemental method to the property owner constructing all of such improvements on an existing unimproved street or part thereof adjoining a new subdivision, the owner shall waive, with respect to the construction and special assessments referred to in subsection (b) hereof, the provision of any statute to the effect that a protest filed with Council or the City Clerk by the owner or owners of property in a proposed improvement district will bar the formation of the district by Council.
(d) The owner shall agree that the agreement shall bind such owner, as well as his, her or its personal representatives, heirs, devisees, legatees, successors and assigns. Such agreement shall bear an acknowledgement by the owner, be in a form recordable in the office of the County Clerk and otherwise be in such form as the City Manager prescribes. Approval of the agreement by Council, if granted, shall be specifically shown in the minutes of the meeting of Council. Upon approval of the agreement and the final plat by Council, the Clerk-Treasurer shall cause the agreement to be filed for record with the County Clerk, such filing to be made either prior to or forthwith after the filing of the plat with the County Clerk.
(Ord. 1223. Passed 8-11-92.)