(A) Performance guarantee. At the time of submittal of the final record plat to City Council for consideration of approval, a bond or letter of credit from the applicant or property owner to assure compliance with the conditions imposed under these Subdivision Regulations for the construction of all future public infrastructure shall be provided. The bond or letter of credit shall be in the amount of 110% of the estimated costs of the improvements. A detailed spreadsheet outlining the estimated costs of the approved public infrastructure improvements shall also be provided and approved by the City Engineer. Upon written request by the applicant, the city may permit the pro-rated reduction of the performance guarantee instrument value upon an inspection by the City Engineer documenting the project has progressed to the proposed pro-rated stage of the overall project.
(B) Maintenance guarantee. Prior to the city accepting the public improvements, maintenance bonds shall be posted by all contractors for the infrastructure improvements for which they are responsible in the subdivision approved under this chapter for the full costs of those infrastructure improvements to the subdivision developer. Unless otherwise authorized in advance by the City Council, maintenance bonds for street paving and curb and gutter installation shall be for a minimum of one year. Prior to the release of the maintenance bond after the one year maintenance period, the City Engineer shall perform a final inspection of the improvements to confirm the required condition of the improvements.
(Ord. 09-3306, passed 10-15-09)