1. When Required: The city, in its discretion, may allow a developer to record the final plat if the developer guarantees the installation and construction of the required improvements free from defects in material and workmanship and in compliance with all city standards, by providing a financial improvement completion assurance and agreement which guarantees completion of the improvements within one (1) year of the date of final plat recordation.

2. Form – Amount: The improvement completion assurance required under this subsection shall be in the form of cash (cash escrow), disbursement agreement (draw down) or an irrevocable letter of credit, in a form acceptable to the city, for an amount equal to one hundred percent (100%) plus an additional warranty amount equaling ten percent (10%) of the total cost of improvements not previously accepted (see subsection B of this section). The cost of improvements shall be approved by the city. All improvements not completed within one (1) year shall thereafter require an improvement completion assurance.

3. Release: The city shall release the improvement completion assurance under this subsection once all improvements are inspected and approved by the city as required by this title and the developer has submitted to the city a warranty in a form acceptable to the city.

1. Required: Each developer shall warrant that all improvements required under sections 10-25D-3 and 10-25D-4 shall be free from defects in material and workmanship and that the improvements are in compliance with all city standards. The warranty period shall start on the date the city approves all of the improvements pursuant to section 10-25D-2, and the developer provides the city with a warranty in a form approved by the city.

2. Form – Amount: The warranty required by this chapter shall be in the form of cash, disbursement agreement or an irrevocable letter of credit, under terms acceptable to the city.

3. Release: After the expiration of the warranty period, the city shall release the warranty held by the city under this chapter after the final inspection and acceptance of the improvements pursuant to section 10-25D-2. Release of the warranty or forfeiture of the warranty and city acceptance of the improvements does not waive the city’s right to any other remedy available at law.