(a) Types of Guarantees. The developer may execute financial guarantees and shall file such financial guarantees with the City concurrently with the application for approval of the final plat or development plan. 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 City.
(b) Terms. The terms of such guarantees shall be determined by the Law Director with confirmation by Council. Bonds shall be executed by the applicant as principal with a surety company authorized in the State.
(c) Amount of Guarantee. The financial guarantees shall be in an amount equal to the estimated total costs of materials and labor required to install or construct the improvements. Such costs shall be determined by the City Engineer. When any portion of the improvements 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) Staged Development. The developer may apply for final approval and recording of only a portion of the entire subdivision or development, as outlined in Section 1109.07(c)(3). Under such a staged development, 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. 1997-117. Passed 9-17-97.)
(e) Separate Agreements. The developer and the City may enter into a separate agreement for construction of sidewalks. The agreement shall provide that sidewalks must be installed on the lot containing any structures, prior to the issuance of an occupancy permit. When an occupancy permit for seventy-five percent (75%) of any street in the subdivision has been issued, the developer will install all sidewalks on the street within sixty (60) days of receipt of a notification from the City Engineer that the sidewalk installation on a street must be completed. To guarantee the installation of the sidewalks, the developer shall deposit with the City, a financial guarantee acceptable to the Law Director in the amount of one hundred twenty-five percent (125%) of the cost of installation, based on the then current price per foot being paid by the City for the installation of sidewalks at the time.
(Ord. 2017-117. Passed 12-5-17.)