(a) Performance Agreement and Bonds.
(1) To assure the construction and installation of the improvements required by this chapter and the preliminary plan approved by the Planning Commission, a subdivider shall execute a performance agreement with the City in a form and substance approved by the law director, providing that all the improvements shall be constructed and installed, at the subdivider's expense, in compliance with the standards and specifications for each of the various types of improvements, that such improvements shall be available to and for the benefit of the lands within the subdivision, that the improvements will be completed and installed within 24 months after approval of the final plat, that all the work and materials will be guaranteed for a period of 2 years after acceptance thereof by the City and any further provisions that the law director may deem necessary in the public interest.
(2) Concurrent with the execution of the performance agreement a subdivider shall furnish an adequate performance bond to the City, approved by the law director, equal in amount to the cost of construction and installation of improvements required as determined by the City Engineer.
(3) Upon completion and installation of the improvements, the performance bond shall not be released until a satisfactory maintenance bond in the sole control of the City, in terms and amount approved by the board of control, has been furnished. The maintenance bond shall be in the amount of 10% of the performance bond and shall be in form and terms approved by the board. The board shall be the final authority on the acceptance and release of performance and maintenance guarantees and may release the same terms and conditions as it deems reasonable. The board shall note any action taken on the guarantees in its official minutes. No such action shall be taken until the advice of the law director and the City Engineer have been made a part of the board's minutes.
(b) Title Guarantee. A title guarantee shall be furnished to the City when the plat is submitted for approval to guarantee that the title of the lands to be dedicated are as indicated on the final plat. A certification that current taxes have been paid shall also be submitted.
(Ord. 2007-222. Passed 1-10-08.)