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In order to ensure proper completion of required improvements for a subdivision, condominium, site plan, SRD or other development in the City, the developer or owner shall enter into an improvement guarantee agreement with the City and provide a performance guarantee for the completion of the improvements subject to the following:
A. The improvement guarantee agreement shall be in a form and substance approved by the City Engineer and City Attorney.
B. The improvement guarantee agreement shall be provided to the City prior to the Mayor's signing of the plat or map, and prior to recording of any documents.
C. The improvement guarantee agreement shall ensure the timely and satisfactory construction of all required public improvements and utilities.
D. The improvement guarantee agreement shall be for a term of two (2) years during which time all improvements must be constructed per approved plans and City standards.
E. The City Engineer shall determine the amount of the improvement guarantee. (Ord. 2009-04, 6-2-2009)