(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 record plat shall be approved until either:
(1) Construction drawings have been approved, all public improvements and that portion of all private improvements within common areas to be used for public purposes 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 the satisfactory completion without the appearance of defects; or
(2) Construction drawings have been approved and an executed subdivider's contract and a satisfactory performance guarantee have been submitted.
(b) Performance and maintenance guarantees shall be provided in accord with the following schedule:
(1) In circumstances in which a performance guarantee is required, the developer shall provide a performance bond, a cash bond, a letter of credit or an escrow agreement in a form acceptable to the City in an amount equal to one hundred thirty percent (130%) of the "estimated cost" for labor costs and one hundred ten percent (110%) of the "estimated cost" for the balance of the project costs. The City, at its discretion, may accept one hundred twenty percent (120%) of the total "estimated cost".
(2) In circumstances in which a maintenance guarantee is required, the developer shall provide a performance bond, a cash bond, a letter of credit or an escrow agreement in a form acceptable to the City in an amount equal to ten percent (10%) of the "estimated cost".
(3) In the event that an escrow agreement is provided by the developer, the City shall require the developer to provide that any contract which it enters into for the construction of public improvements shall name the city as a third party beneficiary of such contract so as to enable the city to enforce the completion of the subdivision without taking ownership or control of the subdivision and without the use of city funds. The use of an escrow agreement may not be permitted for any phase or section of a subdivision in which the estimated costs for such phase or subsection exceed one million dollars.
(4) The "estimated cost" is the projected construction cost, as approved by the City's Authorized Agent, of the public improvements (including sidewalks), and that portion of private improvements within common areas to be used for public purposes, which are yet to be construction.
(c) No dedication of right-of-way will be accepted by the Council unless a final record plat is accompanied by a complete set of construction plans and a performance guarantee.
(Ord. 73-2021. Passed 1-18-22.)