09-14-2020 Council Packet - Laserfiche WebLink

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July 20, 2020 page 31 agreementdevelopment contract shall set forth in the standard city form those improvements 1306 required to be completed as a condition of subdivisionplat approval, the party responsible for the 1307 installation and maintenance of the improvements, and the method of payment of the installation 1308 and maintenance costs. 1309 Sec. 82-213. - Assurance for completion and maintenance of required public or private 1310 improvements—Improvements and public bond (class II and III subdivisions). 1311 The following provisions apply to class II and class III subdivisions: 1312 (1) Completion of required public or private improvements. Before the mayor and city clerk sign a 1313 final plat, the subdivider shall complete or agree to complete at their his cost all of the required 1314 public or private improvements as required in this chapter and as specified in the resolution 1315 approving the final plat and in the subdivider's agreementdevelopment contract, and in the case 1316 of public improvements, to dedicate them to the city, free and clear of all liens and encumbrances 1317 on the property and public improvements thus dedicated. 1318 (2) Performance bond.Security 1319 a. The city may require the developer furnish security, in the amount of 125% of the cost of the 1320 improvements, to guarantee their completion. The city may waive the requirement that the 1321 subdivider complete certain public and private improvements and dedicate certain public 1322 improvements prior to the signing of the final plat, and that, as an alternative, the subdivider 1323 post a bond at the time of the application for the final plat approval in an amount estimated 1324 by the city engineer as sufficient to secure to the city the satisfactory construction, 1325 installation and where appropriate dedication of the incompleted portion of the required 1326 private and public improvement. The amount of the performance bond shall be equal to 1½ 1327 times the estimated amount. 1328 b. Such performance security bonds shall comply with all statutory requirements and be 1329 satisfactory to the city attorney as to form and manner of execution. The period within which 1330 the required public and private improvements must be completed shall be specified by the 1331 city in the resolution approving the final subdivision plat or in the subdivider's 1332 agreementdevelopment contract and shall be incorporated in the bond and shall not exceed 1333 two years from date of final plat approval. The city may, upon proof of difficulty, extend the 1334 completion date set forth in such bond for a maximum period of one additional year. The 1335 city may at any time during the period of such bond accept a substitution of principal or 1336 sureties on the bond. 1337 (3) Temporary improvement. The subdivider shall build and pay for all costs of temporary 1338 improvements required by the city and shall maintain them for the period specified by the city. 1339 Prior to construction of any temporary facility or improvement, the subdivider shall file with the 1340 city a separate suitable performance bondsecurity for temporary facilities, which bondsecurity 1341 shall ensure that the temporary facilities will be properly constructed, maintained and removed. 1342 (4) Cost of improvements. All required public and private improvements shall be made by the 1343 subdivider, at his their expense, without reimbursement by the city. 1344 (5) Governmental units. Governmental units to which these bondsecuritys and contract provisions 1345 apply may file in lieu of a contract or bond a certified resolution or ordinance of that governmental 1346 unit's agreeing to comply with the provisions of this chapter. 1347 (6) Failure to complete required improvements. For subdivisionplats for which no performance 1348 bondsecurity has been posted, if the improvements are not completed within the period specified 1349 by the city in the resolution approving the final plat, the approval shall be deemed to have expired. 1350 In those cases where a performance bondsecurity has been posted and required improvements 1351 Commented [SM87]: We don’t want bonds. Commented [JB88]: Used to be 150%, most cities use 125% or less Commented [SM89]: This is high. 1.25 is the average and some communities are lowering it. Commented [JB90]: Check bond versus security