16.20.060 Performance bonds.
A. After final approval but before recordation of the final plat, the developer must complete all improvements required in the subdivision agreement with the City or in lieu thereof, the subdivider may guarantee the installation thereof with a bond and sureties guaranteeing the standards of improvements. The bond shall be approved by the City Council and the City Attorney.
1. The subdivider may furnish and file with the City Council a bond in an amount equal to a percentage, as specified in the Master Fee Schedule, Chapter 3.50, of the cost of the improvements not previously installed as determined by the City Engineer to assure the installation of such improvements within a two-year period. The bond will be guaranteed by a collateral pledge of property, tangible or intangible, satisfactory to the City Council and the City Attorney.
2. The subdivider may deposit in escrow with an escrow holder approved by the City Council an amount of money equal to a percentage, as specified in the Master Fee Schedule, Chapter 3.50, of the cost of the improvements not previously installed as determined by the City Engineer to assure the installation of such improvements within a two-year period or, if otherwise provided by the City Council, a shorter or longer period. The escrow agreement aforesaid shall be approved by the City Council and the City Attorney.
B. Whenever the subdivider develops a subdivision a portion at a time, such development shall be in an orderly manner and in such a way that the required improvements will be continuous and all of the improvements will be made available for the full, effective and practical use and enjoyment thereof by the lessees or grantees of any of the lands subdivided within the time hereinbefore specified. (Ord. 19-29 (part), 2019; Ord. 13-81 (part), 1981: prior code § 22-5-2)