10-1-122 COMPLETION OF IMPROVEMENTS IN PLATTED SUBDIVISION

1. Completion of Improvements and Security: a. Policy: In order to protect buyers against purchasing property on which the site improvement work is incomplete and may not be completed, and to protect the public at large from dangerous and undesirable conditions that result from unfinished site improvements, such as erosion, flooding and blowing dust, it is the policy of the City that no plat will be approved within the City limits unless and until the subdivider has provided adequate security for the benefit of the City and the public to ensure completion of the site improvements in full compliance with the approved plans within two (2) years from the date of plat approval. b. Detailed Site Plans: A detailed site plan showing the location and nature of all on-site and off-site improvements shall be submitted to the building inspector prior to final plat approval. These plans shall be examined by the City engineer and shall be approved by him or her if he or she determines them to be in accordance with the requirements of this chapter and City ordinances. c. Construction According to Approved Plans: No construction shall commence until City approval of site plans, the City's receipt of adequate security, and approval of final plat. 2. Amount of Security: The amount of the security to be posted by the developer is to be determined by the City and shall be equal to one hundred percent (100%) of the amount reasonably estimated by the City Engineer as being necessary to complete remaining on and off-site improvements as shown on the approved plans. In the event that the developer disputes the cost estimate of the City Engineer, the developer may prove lower construction cost by providing binding contracts between the developer and the contractor or subcontractor appropriate to perform the required work at a stated, fixed price. A full performance bond, ensuring performance by the subcontractor or contractor, must support these contracts. Bid proposals are not satisfactory for this purpose. If the contracts submitted are acceptable in form, the amount of security required shall be one hundred percent (100%) of the total contract price of all such contracts submitted, plus the estimated reasonable cost of performing work not covered by the contracts. Specifications in such contracts shall be sufficiently clear to identify the work called for under the contract. 3. Release of bond: Such bond shall not be released until the improvements have been accepted by the City, upon recommendation of the City engineer. However, the City shall provide for partial release of the bond upon the completion of a specific category of public improvements.