Performance contract

A. Before a final plat is approved by the City Council, the owner and subdivider of the land covered by said plat shall execute and submit to the City Council an agreement to make and install, within one (1) year, all improvements required to be installed by him under these regulations in accordance with the plans and specifications approved by the City Council. The agreement shall be accompanied by a cash escrow agreement or a performance bond, to be approved by the City Attorney, in an amount equal to one and one-half (1 1/2) times the City Engineer's estimated cost of said improvements. The performance bond, if one is submitted, shall be conditioned upon: 1\. The making and installing of the improvements required under the terms of the regulations within a one (1) year period. 2\. Completion of the work undertaken by the subdivider in accordance with the contract executed by them and for them. 3\. The payment by the owner or subdivider to the City of all expenses of the City, if appropriate, for the preparation of any plans and specifications of the improvements required under these regulations and the inspection and construction by the City Engineer, as well as legal fees and other expenses in connection with such improvements. B. If a cash escrow agreement is submitted, such agreement shall provide that payments therefrom for improvements shall be made only on the joint order of the subdivider and the City and the agreement shall further provide that in the event the required improvements are not completed within a one (1) year period, all amounts held under the escrow agreement shall be turned over and delivered to the City and applied by the City to the cost of the required improvements. If the funds available are not sufficient to complete the required improvements, the necessary additional cost shall be assessed against the subdivision. Any balance remaining in the escrow fund after such improvements have been made shall be returned to the owner or subdivider. The performance contract shall also provide that the subdivider shall provide the City with a bond to provide for maintenance/repair for all new roads in the subdivision for a period of one (1) year from the date of acceptance of the street. (Ordinance #2, adopted November 14, 2006)