A. The development improvements agreement (DIA) shall be approved by the City Council at the time of approval of the final plat or final site plan. A DIA between the City and the applicant is required to specify the overall development plan in writing and is a condition precedent to the commencement of construction. The DIA shall set forth the commitments and obligations of the City of Moab and the applicant, including, as necessary, a financial assurance for required public improvements, the applicant’s phasing plan, and other details particular to the development. The DIA shall be subject to review and approval by the City Council and must be consistent with all prior approval conditions applicable to the approved plan.

B. The DIA may require that an applicant provide a performance bond, letter of credit, or other financial assurance to secure completion of required improvements, and/or as a condition for final plat or final site plan approval. The financial assurance shall be provided in an amount equal to one hundred fifty percent of the estimated cost of all required public improvements, including: landscaping; road improvements; pedestrian ways, trails, sidewalks, curbs, and gutters; street lighting and signage; culinary water lines and fire hydrants; wastewater lines and wastewater disposal facilities; and storm water improvements. City staff shall verify the correct amount of the financial assurance based upon review of the cost of the required improvements. Not more than ten percent of the financial assurance may be held to secure any warranty claims, as provided in the DIA.

C. With respect to a PAD subdivision, no final plat for the subdivision, or any phase thereof, and no building permit for construction upon any lot within the subdivision shall be executed by the City until such time as either: (1) all public improvements are completed in accordance with the DIA and accepted by the City; or (2) a financial assurance as required by this chapter is provided to the City. A subdivider or owner shall not convey or attempt to convey any lot prior to the recording of the final plat, and any purported conveyance in violation of this subsection shall be void.

D. With respect to a PAD rental development, no final site plan for the development, or any phase thereof, and no building permit for construction of housing units within the development, shall be executed by the City until such time as either: (1) all public improvements are completed in accordance with the DIA; or (2) a financial assurance as required by this chapter is provided to the City. A developer or owner shall not convey or attempt to enter into any lease prior to the execution of the final site plan, and any purported lease or rental contract entered into in violation of this subsection shall be void.

E. All public improvements shall be warranted against defects in materials and workmanship for a period of not less than one year from the date of acceptance by the City. Upon expiration of any warranty period the financial assurance provided by this section shall be released. (Ord. 19-02 (part), 2019)