Skip to main content

A. Guarantee Of Improvements:

1. When Required: The city, in its discretion, may allow a subdivider to record the final plat if the subdivider guarantees the installation and construction of the required improvements free from defects in material and workmanship and in compliance with all city standards.

2. Form; Amount: The guarantee of improvements required under this subsection shall be in the form of a corporate surety bond, escrow agreement, or irrevocable letter of credit in a form acceptable to the city for an amount equal to one hundred twenty percent (120%) of the cost of improvements not previously accepted. The cost of improvements shall be approved by the city. All improvements not completed within one year shall thereafter require a bond or other guarantee arrangement in an amount equal to one hundred fifty percent (150%) of the cost of the remaining improvements.

3. Release: The city shall release the guarantee of improvements under this subsection once all improvements are inspected and approved by the city as required by this chapter and the subdivider has submitted to the city a warranty in a form acceptable to the city.

B. Warranty Of Improvements:

1. Required: Each subdivider shall warrant that all improvements required under section 11-5-3 of this chapter 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 11-5-2 of this chapter and the subdivider 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 a corporate surety bond, escrow agreement, or irrevocable letter of credit in a form acceptable to the city for an amount equal to at least ten percent (10%) of the total improvement value for the warranty period.

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 11-5-2 of this chapter.

C. Approval Of City Attorney: The form of any guarantee of improvements or warranty submitted under this section shall be reviewed and approved by the city attorney before acceptance by the city. (Ord. 2013-03-006, 3-7-2013)

Loading…