(a) All improvements required by these Subdivision Regulations shall be constructed and completed under the supervision of and to the specifications required by the agency or agencies having jurisdiction over them. No final plat shall be approved until either (1) construction drawings have been approved, all public improvements and all private improvements within common areas therein have been completed to the satisfaction of the City, and a satisfactory maintenance guarantee has been submitted or the improvements have been in place for at least a year after their satisfactory completion without the appearance of defects; or (2) construction drawings have been approved, and an executed subdivider's contract and satisfactory performance guarantee have been submitted.
(b) Performance and maintenance guarantees shall be provided in accord with the following schedule:
Performance Guarantees
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Performance bonds: | 110% of estimated cost* |
Property bonds: | 200% of estimated cost |
Cash bonds: | 150% of estimated cost |
Assignments of account: | 150% of estimated cost |
Letters of credit: | 150% of estimated cost |
* "Estimated cost" is the projected construction cost, as approved by the City's engineer, of the public improvements, and private improvements within common areas, which are yet to be constructed. | |
The City Council may, by resolution, authorize a one-time reduction to the performance guaranty, provided that (1) construction of 80% of the improvements identified in the initial performance guarantee documentation have been completed and verified by the City Engineer; (2) the subdivider requests a reduction in writing to the City Engineer, accompanied by a revised projected construction cost estimate certified by the subdivider's registered engineer; and (3) a revised performance guarantee is submitted within 5 days of Council authorization, the value of which shall be based on the schedule above calculated on the remaining estimated costs.
Maintenance Guarantees
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Maintenance bonds: | 10% of estimated cost* |
Property bonds: | 20% of estimated cost |
Cash bonds: | 15% of estimated cost |
Assignments of account: | 15% of estimated cost |
Letters of credit: | 15% of estimated cost |
* "Estimated cost" is the projected construction cost, as approved by the City's engineer, of the public improvements, and private improvements within common areas, which are yet to be constructed. | |
(c) No dedication of right-of-way will be accepted by the Council unless such a plat is accompanied by a complete set of construction plans and a performance bond as set out in this chapter and Section 1206.21(b).
(d) There is established a new fund to be known as “Cash Bond Deposit Fund”, which shall be numbered Fund 226 for the purpose of accounting for revenues and expenditures relating to the deposit of cash bonds due to contractual, performance, maintenance, or other reasons.
(Ord. 12-2002. Passed 7-2-02; Ord. 25-2003. Passed 6-19-03; Ord. 13-2011. Passed 10-6-11.)