Following preliminary plat approval and approval of all plans required by this chapter, and prior to final plat approval, the applicant/plat developer shall guarantee the public improvements required for the plat are completed by one of the following methods:
A. By completion of construction of the minimum required plat improvements in conformance with ACC 17.14.070 (minimum improvement requirements) and furnishing to the city an assignment of funds or an irrevocable letter of credit or guarantee bond or other similar security satisfactory to the city engineer, in which assurance is given the city that the installation of the remaining required public improvements will be carried out as provided by plans submitted and approved pursuant to this chapter and in accordance with the city’s design and construction standards, and under the supervision of the city engineer.
1. The amount of the assignment of funds or irrevocable letter of credit or other security shall be 150 percent of the estimated construction cost of all remaining required public improvements, as determined by the applicant and approved by the city engineer. A substantial portion of the remaining required public improvements, subject to the satisfactory security, shall be completed within the initial 12-month period of the satisfactory security for the plat improvements. The remainder of the improvements shall be completed within six months. During construction, the city engineer may allow a partial release of the financial security as construction progresses:
a. The city engineer shall allow not more than one partial release of the financial security during plat construction;
b. The sequencing of the partial release of the financial security is to be determined by the city engineer prior to the acceptance of the security.
2. The city engineer may allow a single incremental six-month extension of the satisfactory security time frame, beyond the initial 18-month period, if there are unforeseen circumstances, beyond the control of the plat developer, that do not allow the completion of the public improvements.
3. As a condition of the plat improvement permitting approval, the developer shall agree that in the case of the developer’s default or failure to complete the improvements as per the approved plans and conditions, including time schedules, the city shall have the authority to complete the construction of public improvements utilizing the above-described satisfactory security.
4. The city engineer may further agree to allow the developer to utilize assignment of funds or irrevocable letter of credit or other security acceptable to the city engineer to cover the minimum warranty period.
C. By actual installation of the required improvements in accordance with the provisions of this chapter, and in accordance with the city’s design and construction standards and under the supervision of the city engineer.
D. By a combination of these methods.
E. For any of the above combinations of methods, other than subsection C of this section, the plat developer shall execute and record against the plat properties a statement approved by the city attorney which holds the city harmless and limits the city’s financial obligation to construct any defaulted private utility facilities and public infrastructure for streets, water utility, sanitary sewer utility, or storm water utility systems to the face value of the bond shall be memorialized on the plat documents. The statement shall also recognize the city’s reserved, unilateral rights to establish the schedule for construction of defaulted plat infrastructure. Such statements shall be legally binding upon the heirs and assigns of the developer, subsequent property owners and their the and assigns.