(A) A subdivider and the city may enter into a park development agreement that provides a schedule for the initiation, planning, design, construction, installation, completion and, where appropriate, dedication of any park and recreational improvements and/or amenities required by this chapter. A park development agreement shall:
(1) Clearly state the intent of the agreement is to establish a means to assure that park and recreational improvements and/or amenities are provided to the residents of the subdivision as required by this chapter;
(2) Specify the timing of the development of these improvements and/or amenities in relation to the development of residential dwelling units;
(3) Provide sufficient surety to guarantee that the improvements and/or amenities are completed and ready for public use within the timeframes specified in the agreement; and
(4) Provide that failure to comply with any deadline for the development of the improvements and/or amenities shall halt the issuance of building permits and suspension of all building inspections for residential dwelling units within the subdivision.
(B) In the absence of a park development agreement, all park and recreational improvements and/or amenities required by this chapter shall be constructed, installed, completed and ready for public use prior to the earlier of:
(1) The issuance of the first certificate of occupancy for any residential dwelling unit within the subdivision; or
(2) The final building inspections for any residential dwelling unit within the subdivision.
(Ord. 2023-07, passed 8-15-2023)