1985 Ordinances - Laserfiche WebLink

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shall not exceed the total of the estimated cost of construction of the physical improvements based on unit prices for new public or private sector construction in the city and a reasonable allowance for estimated administrative costs, inflation, and potential damage to existing streets or utilities. The bond, escrow, letter of credit, or other performance guarantee may be released in whole or in part within thirty (30) days after receipt of written notice by the subdivider of completion of part or all of the physical improvements unless the city engineer, or his designated representative, notifies the subdivider in writing of non-receipt of approval by applicable state agencies, or of any specified defects or deficiencies in construction of the public improvements and suggestive corrective measures prior to the expiration of the thirty (30) day period. If no such action is taken by the city engineer, or his designated representative, within the time specified, the request shall be deemed approved, and a partial release granted to the subdivider. No final release shall be granted until after the expiration of such thirty (30) day period and the filing of an additional request in writing sent by certified mail, return receipt, to the city manager. The city manager shall act within ten (10) working days of receipt of the request; then, if no action is taken, the request shall be deemed approved and final release granted to the subdivider. The city shall not refuse to make a periodic partial or final release of a bond, escrow, letter of credit, or other performance guarantee for any reason not directly related to the specified defects or deficiencies in construction of the public improvements covered by said bond, escrow, letter of credit or other performance guarantee. Upon written request by the subdivider, the city shall be required to make periodic partial releases of such bond, escrow, letter of credit or other performance guarantee in a cumulative amount equal to no less than eighty percent (80%) of the original amount for which the bond, escrow, letter of credit or other performance guarantee was taken, based upon the percentage of public improvements completed and approved by the City. Periodic partial releases may not occur before the completion of at least thirty percent (30%) of the public improvements covered by any bond, escrow, letter of credit or other performance guarantee, or after the completion of more than eighty percent (80%) of said public improvements. The city shall not be required to execute more than three (3) periodic partial releases in any twelve (.12) month period. Upon completion and acceptance of said public improvements, the city shall release any remaining bond, escrow, letter of credit, or other performance guarantee to the subdivider. For the purpose of final release, the term "acceptance" is deemed to mean: When said public improvements are accepted by and taken over for operation and maintenance by the city.