(A) Applicability. Any person requesting approval of a subdivision, site plan, rezoning or building permit application within the city shall give the city full 100% financial assurance that all public improvements including utilities, streets, walks, curbs and gutters, drainage facilities, paths, open space, sprinkling systems and landscaping, as may be required, shall be completed to city requirements, standard and specifications. These shall include half-street improvements for any portion of a street that abuts the property.
(Prior Code, § 10-7.01)
(B) Acceptable forms of financial security. Such financial security shall be in the sum as the city staff may estimate to be adequate for the completion of the required improvements. Such financial security shall be in the form of:
(1) Cash deposit with the city;
(2) Guarantee from a lender based upon a cash deposit, in a form acceptable to the City Attorney; or
(3) Irrevocable letter of credit in a form acceptable to the City Attorney.
(Prior Code, § 10-7.02)
(C) Procedure.
(1) Development plans which require approval by City Council:
(a) Any person subdividing or developing lands within the city shall enter into a contract with the city, which contract shall give the city full assurance that all improvements shall be completed by the developer to city standards;
(b) Any subdivision plat, site plan or rezoning which requires approval by City Council may be divided into phases, each phase providing all necessary improvements. No building permit shall be issued at any segment of development until all utilities, storm drainage facilities, curbs and gutters, sidewalks, and aggregate base material have been installed per the approved engineering plans on file with the Engineer office of the city, unless specifically approved by the City Council;
(c) Up to 90% of said funds shall be released to the developer as improvements are completed as determined by the city staff, and authorized by the Director of Finance. The city shall reserve a deposit of 10% of the total estimated cost of public improvements for any one development or phase, and in no event shall any portion of the 10% be released until after all the improvements as installed have been finally accepted by the City Council, by formal resolution or motion, which acceptance shall not be given until at least one year after a written statement of construction acceptance in accord with city standards has been given the developer; and
(d) It shall be the duty of the developer to request both construction and final inspections, in writing, and the city shall be under no obligation to release any funds until said inspections are made and the improvements found to comply with city standards. Any repairs required to be made at time of final inspection will be made by the developer within 90 days of notice to repair or the cost thereof shall be withheld from the financial security and the city will contract to have the repairs made. In the event that the cost of required repairs exceeds the financial security, the developer shall be liable for such costs.
(2) Development plans which do not require approval by City Council:
(a) Such financial security shall be in the sum as the city staff may estimate to be adequate for the completion of the required improvements. Such financial security shall be in the form of cash deposit with the city or guarantee from a lender based upon a cash deposit, in a form acceptable to the City Attorney; or irrevocable letter of credit in a form acceptable to the City Attorney; and
(b) Upon completion of all necessary public improvements found to be in compliance with city standards, financial security may be released in whole or in part upon written request by the developer to the City Engineer, who is authorized to release same.
(Prior Code, § 10-7.03)
(Ord. 747, passed - -1995; Ord. 904, passed - -2008)