§ 27-114. Improvement agreements required.

The approval of any final development plan shall be subject to the developer providing assurance that all required improvements, including, but not limited to, storm drainage facilities, streets and highways, water and sewer lines, shall be satisfactorily constructed according to the approved development plan. The following information shall be provided:

(1)

Agreement that all improvements, whether required by this Code or constructed at the developer's option, shall be constructed in accordance with the standards and provisions of this Code.

(2)

The term of the agreement indicating that all required improvements shall be satisfactorily constructed within the period stipulated. The term shall not exceed five (5) years from the recording of the plat or thirty (30) percent occupancy of the development, whichever comes first.

(3)

The projected total cost for each improvement. Cost for construction shall be determined by either of the following:

a.

Estimate prepared and provided by the applicant's engineer.

b.

A copy of the executed construction contract provided.

(4)

Specification of the public improvements to be made and dedicated together with the timetable for making improvements.

(5)

Agreement that upon failure of the applicant to make required improvements (or to cause them to be made) according to the schedule for making those improvements, the city shall utilize the security provided in connection with the agreement.

(6)

Provision of the amount and type of security provided to ensure performance.

(7)

Provision that the amount of the security may be reduced periodically, but not more than two (2) times during each year, subsequent to the completion, inspection and acceptance of improvements by the city.

(Ord. No. 2004-10, § 1, 10-4-04)