(A) The developer shall submit a letter of irrevocable credit, bond, or cash escrow equal to the estimated cost of construction as approved by city officials. Such letter of credit, bond, or cash escrow shall be in force and effect until completion of the construction.
(B) If the developer fails to construct or complete the construction of the subdivision improvements within one year following final plat approval, the city may secure the construction of such improvements and pay for the cost thereof with proceeds from the letter of credit, bond, and/or escrow account. In the alternative, the owner(s) of the affected land may abandon the plat in such manner that all the affected land shall revert to a single, undivided parcel. Abandonment of a plat shall not be cause for disannexation of a parcel.
(Ord. 933, passed 8-9-05) Penalty, see § 153.999