At the direction of the City Council, the required legal assurance shall be in the form of an escrow deposit.
(A) Any funds to be held in escrow shall be deposited with the City Treasurer.
(B) Every escrow deposit shall be in the form of:
(1) Cash;
(2) An irrevocable letter of credit or commitment from a lending institution guaranteeing to the city the availability of the escrow funds from time to time upon demand; or
(C) The amount of an irrevocable letter of credit shall be equal to one and one half times the City Engineer's estimate of the cost of constructing the unfinished portion of the required improvements plus all required inspection fees. The estimate shall initially be prepared by the subdivider/developer's engineer and subsequently reviewed and adjusted by the City Engineer, as he or she deems appropriate.
(D) For any improvements that will be dedicated to some other governmental entity, assurance shall be posted with the official designated by the entity.
(Ord. 2009-21, § 18.5-4-25, passed 10-5-2009; Ord. 2017-03, passed 3-6-2017)
Cross-reference:
Fee schedule, see Ch. 37, App. A