(A) Whenever improvements are required to be installed, the owner and applicant shall first execute a development agreement approved by the city embodying the terms and conditions of the approval given by the City Council and including, but not limited to, requirements set forth in this chapter.
(B) Deposit by owner or applicant. In order to cover the legal, engineering and administrative costs and expenses incurred by the city in connection with the review and approval of the subdivision and the inspection of the actual installation and construction of the improvements, the owner or applicant shall, before recording the final plat of the subdivision, deposit with the city cash, certified check or money order made payable to the City of St. Michael in an amount equal to $3,000 or 5% of the Engineer's estimate of the cost of construction of the improvements, whichever is greater. The purpose and use of the escrow deposit is subject to city policy as adopted by the City Council from time to time.
(C) No owner or applicant shall be permitted to start work on any improvements without providing the city a financial security consistent with city policy as adopted by the City Council from time to time, guaranteeing that the improvements will be installed in accordance with all laws, rules, regulations and policies and as approved by the city. The amount of the financial security shall be equal to 125% of the City Engineer's estimate of the total cost of the improvements to be installed, all as set forth in the development agreement.
(D) All required improvements to be installed under the provisions of this chapter shall be inspected and approved by the City Engineer during the course of construction.
(E) Prior to any public improvement being accepted by the city, or private improvement being approved by the city, as hereinafter provided, the applicant shall post a maintenance bond and/or other security in a form acceptable to the city naming the city as obligee in an amount deemed appropriate by the City Council to insure maintenance of the improvements for a period of at least 24 months from the date of acceptance or approval by the city.
(F) The owner or applicant shall continue to be responsible for defects, deficiencies and damage to improvements during development of the subdivision. No inspection approval or release of funds from the construction deposit as to any component or category shall be deemed to be city final approval of improvement or otherwise release the applicant of its obligation relating to the completion of the improvements until the final subdivision release on all improvements and maintenance is issued by the City Council declaring that all improvements have in fact been constructed as required. Inspection and acceptance or approval of any or all required improvements shall not constitute acceptance of the improvement by the city as an improvement for which the city shall bear any responsibility.
(G) The applicant shall provide to the city as-built drawings of all improvement.
(Ord. 111, passed 12-23-97; Am. Ord. 0903, passed 10-27-09; Am. Ord. 1603, passed 3-8-16)