In order that the city has the assurance that the construction and installation of such improvements such as street surfacing, curbs, gutters, storm sewers and appurtenances, sanitary sewer, water lines, sidewalks, street lighting, street signs, and other required improvements will be constructed, the subdivider shall provide performance surety.
(A) Performance surety.
(1) To get a final plat signed by the Mayor and Clerk before improvements, the subdivider shall furnish either a bond, executed by a surety company, cash deposit (certified check) or Irrevocable Letter of Credit (form must be approved by the City Law Director) equal to the cost of construction of such improvements as shown on the plans, and based on an estimate approved by the Engineering Department Supervisor.
(2) The performance bond, cash deposit (certified check) or Irrevocable Letter of Credit to the city shall run for a period of 1 year and be extendable for 2 years from the date of execution, and shall provide that the subdivider, his or her heirs, successors and assigns, their agent or servants, will comply with all applicable terms, conditions, provisions and requirements of these regulations, and will faithfully perform and complete the work of constructing and installing such facilities or improvements in accordance with such laws and regulations. Before said bond is accepted it shall be approved by the City Law Director. Whenever a cash deposit (certified check) is made, the same shall be made out to the city.
(B) Extension of time. If the construction or installation of any improvement or facility, for which guarantee has been made by the developer in the form of bond or cash deposit, is not completed within 2 years from the date of final approval of the record plat, the developer may request the city to grant an extension, provided he or she can show reasonable cause for inability to complete said improvements within the required 2 years.
(C) Acceptance of dedication offers. Acceptance of formal offers of dedication of streets, public areas, easements, and parks shall be by ordinance of the City Council. The approval by the Planning Commission of a subdivision plat shall not be deemed to constitute or imply the acceptance by the local government of any street, easement, or park shown on said plat.
(1981 Code, § 151.141) (Ord. 6875-98, passed 7-27-1998)