(a) Type of Guarantees. The developer may execute and file with the City financial guarantees, in lieu of actual installation or completion, of the required improvements concurrently with the application for approval of the final plat. Such guarantees may be in the form of a performance or surety bond, a certified check or any other type of surety approved by the Director of Finance. (Ord. 1995-159. Passed 7-20-95.)
(b) Terms. The terms of such guarantees shall be determined by Council. However, they shall not be for a longer period than two years unless Council, by resolution, extends the time. Bonds shall be executed by the applicant as principal with a surety company authorized in the State and shall be in a form substantially as shown in Appendix III of these Land Planning and Subdivision Regulations.
(c) Amount of Guarantee. The financial guarantees shall be in an amount equal to the estimated total cost of materials and labor required to install or construct the improvements, plus fifteen percent for engineering and legal fees and contingencies. Such costs shall be determined by the Director of Engineering. When any portion of an improvement has, upon inspection, been found satisfactorily completed, a reduction in the bonds or partial withdrawal of funds equal to the estimated costs of such completed improvements may be authorized.
(d) Progressive Installation. The developer may apply for final approval and recording of only a portion of the entire subdivision. Under such a progressive unit development procedure, the installation of required improvements and sale or lease of lots may proceed only on that portion of the subdivision which has been approved and recorded.
(Ord. 1964-62. Passed 7-16-64.)