(A) Prior to the final plat approval and included within the subdivision agreement, the owner or subdivider shall submit to the Council for approval the alternative requested to be utilized in the financing of the required improvements. Such alternative shall be limited to one of the following:
(1) Cash deposit, cash escrow agreement, or performance bond, with sureties satisfactory to the city submitted to the Clerk in an amount 125 % the estimated cost of such improvements;
(2) Cash deposit, cash escrow agreement, or performance bond equal to or greater than 25% of the estimated cost of improvements with the remaining costs to be assessed to the improved properties at the interest rate specified by the Council. The Council shall have the option to select the type and amount of improvements to be assessed;
(3) Improvements within the subdivision which have been completed prior to final plat approval shall be accepted as equivalent improvements in compliance with the requirements of this subchapter, but only if said improvements conform to applicable state and city standards.
(B) Improvement costs shall include all construction costs incurred in making such improvements, all expense incurred by the city for engineering, planning and legal fees, and all other expense in connection with the making of such improvements. The Council shall determine which alternative and what type of security shall be acceptable in financing the improvements.
(Prior Code, § 1001.07)