A.    All improvements required by the plan commission must be shown on the improvement plans and must be completed within two years from the date that the subdivision improvement agreement is signed, with the following exceptions:

    1.    If sidewalks are to be installed as lots are developed, the staff may approve time extensions for sidewalk completion with the submission of an appropriate financial guarantee. Each extension shall be for a maximum of two years, and no more than two such extensions may be granted. In deciding whether to grant the extension, the staff shall consider the degree of completion of construction in the subdivision, the effect of the extension on property owners in the subdivision, and weather or other conditions affecting construction. The staff's decision to deny an extension may be appealed to the plan commission.

    2.    The staff may approve a time extension for installing the final paving course (surface coat) with the submission of an appropriate financial guarantee. The time extension shall be for a maximum of two years, and only one such extension may be granted. In deciding whether to grant the extension, the staff shall consider the degree of the completion of the subdivision, the effect of the extension on property owners in the subdivision, and weather or other conditions affecting the construction. The staff's decision to deny an extension may be appealed to the plan commission.

    3.    Other extensions of time may be approved by the staff with the submission of an appropriate financial guarantee if unusual conditions exist that impede timely completion. In deciding whether to grant the extension, the staff shall consider the degree of the completion of the subdivision, the effect of the extension on property owners in the subdivision, and weather or other conditions affecting the construction. The staff's decision to deny an extension may be appealed to the plan commission.

    B.    A subdivision improvement agreement must be executed between the developer and the city prior to the commencement of work on any subdivision. Such agreement shall set forth the improvements to be completed, which shall include, but are not limited to, grading, street construction, sanitary sewers, storm sewers, sidewalks, drainage, landscaping and erosion control. It also shall set forth the terms and conditions under which the work is to be performed. A subdivision plat may be recorded only after secondary approval has been given as specified in this chapter. Secondary approval shall not be given until one of the following has been accomplished:

    1.    The acceptance for perpetual maintenance of all required public improvements and satisfactory completion of all improvements in accordance with the approved plans and subdivision improvement agreement;

    2.    The posting of financial guarantees in an amount equal to one hundred twenty-five percent of the cost of the improvements as specified by the subdivision improvement agreement. The form and length of the guarantees must be acceptable to the city attorney and shall be specified in the subdivision improvement agreement. If time extensions are granted under subsection A of this section, the cost estimate must be reviewed and the amount of the guarantee increased if necessary.

    C.    As a condition of the acceptance of improvements and/or release of financial guarantees posted under the terms of this section, the subdivider shall post with the board and/or utilities service board financial guarantees ensuring maintenance of the improvements in good repair. These guarantees shall be in an amount equal to twenty-five percent of the estimated cost of all improvements as specified in the subdivision improvement agreement. The form and length of the guarantee shall be specified in the subdivision improvement agreement, but in no case shall the guarantee be for less than one year nor more than five years.

    D.    The board may grant a partial release from a financial guarantee for portions of the improvements which are complete and accepted by such board, provided that the maintenance guarantee as specified in subsection B of this section is posted for such portion of the improvements. The conditions under which partial release of the guarantees will be permitted shall be specified in the subdivision improvement agreement. (Ord. 97-48 § 3 (part), 1997: prior code 28-63)