14-3-1 IMPROVEMENTS AND PERFORMANCE BOND

1. COMPLETION OF IMPROVEMENTS. Before the plat is signed by the Chairman of the Planning and Zoning Commission, all applicants shall be required to complete, in accordance with the Planning and Zoning Commission's decision and to the satisfaction of the City Engineer, all the street, sanitary, and other improvements including lot improvements on the individual lots of the subdivision as required in these regulations, specified in the final subdivision plat, and as approved by the Planning and Zoning Commission, and to dedicate same to the City, free and clear of all liens and encumbrances on the property and public improvements thus dedicated. 2. PERFORMANCE BOND. a. The Planning and Zoning Commission in its discretion may waive the requirement that the applicant complete and dedicate all public improvements prior to the signing of the subdivision plat, and that, as an alternative, the applicant post a bond at the time of application for final subdivision approval in an amount estimated by the Planning and Zoning Commission as sufficient to secure to the City the satisfactory construction, installation, and dedication of the uncompleted portion of required improvements. The performance bond shall also secure all lot improvements on the individual lots of the subdivision as required in these regulations. b. Such performance bond shall comply with all statutory requirements and shall be satisfactory to the City Attorney as to form, sufficiency, and manner of execution as set forth in these regulations. The period within which required improvements must be completed shall be specified by the Planning and Zoning Commission in the resolution approving the final subdivision plat and shall be incorporated in the bond and shall not in any event exceed two (2) years from date of final approval. c. Such bond shall be approved by the City Council as to amount and surety and conditions satisfactory to the City Council. The Planning and Zoning Commission may, upon proof of difficulty, recommend to the City Council extension of the completion date set forth in such bond for a maximum period of one (1) additional year. The City Council may at any time during the period of such bond accept a substitution of principal or sureties on the bond upon recommendation of the Planning and Zoning Commission.