§ 15-340. General provisions.

(A)

Development agreement required. Before an approved final plat is filed with the Rice County Recorder's office, the subdivider of the land covered by said plat shall pay all applicable fees and execute and submit to the City Council a development agreement which shall be binding on his or her heirs, personal representatives, and assigns. Such agreement shall address responsibilities for construction of public improvements, timing related to such improvements, and the form of financial guarantee, together with other standard development agreement provisions. The city shall be responsible for filing the agreement with the Rice County Recorder's office in conjunction with the final plat. No private construction shall commence, nor shall building permits be issued, until all improvements required under this section have been contracted for and the subdivision improved by completion of sewer, water, storm sewer, and graded right-of-way. No final certificate of occupancy shall be issued for private construction until all improvements, including paving of streets, have been completed.

(B)

Surety required. Prior to the delivery of the approved final plat, the subdivider shall deposit with the city an amount equal to a minimum of one hundred (100) percent of the City Engineer's estimated cost of the required improvements within the plat, either in a cash escrow performance bond, or letter of credit. The surety shall be approved by the city. The cash escrow letter of credit or performance and indemnity bond shall be conditioned upon:

(1)

The making and installing of all of the improvements required by the terms and conditions set forth by the city within one (1) year unless an extension is granted by the City Council.

(2)

Satisfactory completion of the work and payment for work that was undertaken by the subdivider in accordance with the developer's agreement referred to above.

(3)

Payment by the subdivider to the city of all expenses incurred by the city, which expenses shall include but not be limited to expenses for engineering, planning, fiscal, legal, construction, and administration. In instances where a cash escrow is submitted in lieu of a letter of credit or performance and indemnity bond, there shall be a cash escrow agreement which shall provide that in the event the required improvements are not completed within one (1) year, all amounts held under the cash escrow agreement shall be automatically turned over and delivered to the city and applied by the city to the cost of completing the required improvements. If the funds available within said cash escrow agreement are not sufficient to complete the required improvements, the necessary additional cost to the city may be assessed against the subdivision. Any balance remaining in the cash escrow fund after such improvements have been made and all expenses have been paid, shall be returned to the subdivider. In instances where a letter of credit is used in lieu of a cash escrow or performance and indemnity bond, the letter of credit shall be in a form satisfactory to the city and the terms thereof shall substantially comply with the procedure set forth for a cash escrow fund. In instances where a performance and indemnity bond is used in lieu of a cash escrow or letter of credit, the bond shall be in a form acceptable to the city and shall comply with all requirements as set forth in Minnesota Statutes, as amended, which statutes relate to surety bonds.

(C)

Special assessments for improvements. In lieu of the requirements outlined in Section 15-340(B) above, the subdivider may petition the city for basic improvements to be made as part of a special assessment project, pursuant to Minnesota Statutes, Chapter 429. If the city elects to install the improvements, the developer shall post a cash escrow or letter of credit guaranteeing payment of the assessments, unless specifically waived by the City Council.

(D)

Inspection required. All of the required improvements to be installed under the provisions of this chapter shall be approved by and subject to the inspection of the City Engineer. All of the city's expenses incurred as the result of the required improvements shall be paid directly, indirectly, or by reimbursement to the city by the subdivider.

(Ord. No. 99-20, § 1, 11-23-99)