(a) A performance bond or escrow account of sufficient size to cover the installation cost and one year’s maintenance of all street and storm drainage improvements, sanitary waste collection and treatment facilities, water mains, curbs and sidewalks, street lights, street signs and any other common improvements or facilities deemed necessary by Council and contained in the final plan shall be required before Council approves the plan for recording. Such bond or escrow shall be accompanied by a written agreement to complete all improvements indicated on the final plan.
(b) The developer shall be released from the performance bond or escrow account after all improvements have been completed and such improvements have been inspected and approved by the Director of Community and Economic Development. The Director shall file a report, in writing, with Council indicating recommended approval or rejection. In case of a subsequent rejection by Council, the developer shall be required to complete such improvements or be subject to conditions Council may impose.
(c) In the event that any required improvements are not installed as required by these regulations or in accord with the final plan or improvement agreement, the city may, at its option, install such improvements in all or part, utilizing the funds contained in such bond or escrow account. If the funds are insufficient to pay the cost, Council may institute legal action to recover the moneys necessary to complete the remainder of the improvements.
(Ord. 4486, approved 10-14-1971; Ord. 5025, approved 1-31-1980)