(a) Prior to beginning construction, the owner or developer shall provide a bond or letter of credit acceptable to the City, or a certified check, guaranteeing the completion of all Improvements and work of preserving and/or restoring and maintaining Natural Features within one year from the date of approval of the Final Plat, or such extension of time as may be granted by Council. The bond, letter of credit or check shall be in an amount equal to the estimated cost of constructing the Improvements and the work of preserving and/or restoring and maintaining Natural Features, and the same shall be released upon acceptance of the Improvements and the Natural Features work by the City and upon the furnishing by the owner or developer of an additional bond or letter of credit acceptable to the City, or a certified check in an amount equal to ten percent (10%) of the estimated cost of construction and the Natural Features work to guarantee maintenance of the Improvements and the Natural Features work for a period of one year. (Ord. 12-2008. Passed 4-7-08.)
(b) The owner or developer shall, prior to beginning construction, deposit with the Director of Finance a sum of money as prescribed by the Director of Service and Engineering to defray the cost of inspection and whatever engineering services may be required, and expense incurred by the City in the installation of the Improvements. Should the amount of such deposit be insufficient to pay the cost thereof, the subdivider shall immediately, upon demand, deposit such additional sums as are estimated by the Director of Service and Engineering to be necessary. Upon completion and acceptance of the improvement, any unexpended balance remaining from such deposit or deposits shall be refunded.
(c) No permits for structures within a Subdivision shall be issued until all public Improvements required by this chapter are substantially complete as determined by the City Engineer, except that construction of Sidewalks may be extended for a period of one year with the approval of the Director of Service and Engineering and with the submission of a certified check ensuring satisfactory completion of Sidewalks.
(d) The owner or developer shall, prior to the acceptance of public Improvements, deposit with the Director of Finance a sum of money as prescribed by the Director of Service and Engineering to ensure the removal of debris, grading and seeding of each undeveloped Lot within one year of the acceptance of public Improvements. Any unexpended balance remaining from such deposit shall be refunded.
(Ord. 09-2013. Passed 4-15-13.)
(Ord. 09-2013. Passed 4-15-13.)