10-21-10: - FINANCIAL GUARANTEES FOR IMPROVEMENTS FOR A MULTIPLE-FAMILY RESIDENTIAL SUBDIVISION, COMMERCIAL SUBDIVISION, OR MANUFACTURING USE SUBDIVISION (NOT INCLUDING SINGLE-FAMILY DWELLING, TWO-FAMILY DWELLING, OR TOWNHOME SUBDIVISIONS):

Prior to the final plat being presented to the city council for final review and consideration for approval or denial, the applicant shall satisfy one of the following requirements: A.

Escrow Deposit: Enter into a developer's agreement with the city and furnish satisfactory proof of an escrow deposit in favor of the city in an amount equal to the cost of the improvements required for the subdivision, plus ten percent (10%) of the costs, with the amounts to be released pursuant to the terms and conditions of the developer's agreement; or

B.

Performance Bond: Enter into a developer's agreement with the city and furnish to the city a developer's performance bond in an amount equal to the cost of the improvements required for the subdivision, plus ten percent (10%) of the costs, with the bond to be released pursuant to the terms and conditions of the developer's agreement.

(Ord. 871, 9-1-2015; amd. Ord. 926, 10-20-2020, amd. Ord. 977, 1-2-2024; amd. Ord. 988, 11-6-2024)