§ 88-405-21. INSTALLATION OR FINANCIAL GUARANTEE OF REQUIRED IMPROVEMENTS

88-405-21-A. PREREQUISITE TO RELEASE OF FINAL SUBDIVISION PLAT FOR RECORDING

1.

After construction plans have been reviewed for compliance with applicable requirements but before a final subdivision plat is released by the city for recording, the developer must install or guarantee the completion of required improvements and guarantee maintenance of such improvements.

2.

If the developer chooses to complete required improvements prior to release of a final plat for recording, the developer must obtain construction permits and post required maintenance guarantees for the installed improvements

3.

If the developer chooses not to install required improvements before release of the final subdivision plat for recording, the developer must obtain construction permits and post a financial guarantee of performance and maintenance in accordance with 88-405-21-B.

88-405-21-B. FINANCIAL GUARANTEES

Financial guarantees for temporarily deferred improvements must be provided in the form of bonds, escrow, or letters of credit in accordance with this subsection.

1.

BONDS

(a)

The developer may post a performance bond for all or a portion of the required improvements, in an amount estimated by the city planning and development director to be sufficient to cover the entire cost of construction, engineering, installation, and dedication of the improvements to be covered by the bond. Bonds for partial improvements may be accepted only if the balance of the public improvements are completed before release of the final plat for recording.

(b)

Performance bonds must comply with the requirements of RSMo 89.410 and are subject to approval by the director of finance.

(c)

Within 2 years of the date that the performance bonds are posted, the developer must obtain all required construction permits and post performance and maintenance bonds for completion of the required improvements. The city planning and development director may, upon proof of hardship, extend the 2-year life of the bond for a maximum of one additional year. Further extensions may be granted by the city council. In the event of any time extension, the city planning and development director may require an increase in the bond amount if the director determines that the original bond amount will not be sufficient to cover the costs of construction, engineering, installation, and dedication of the improvements to be covered by the bond.

(d)

The city is authorized to delay release of final plats for subsequent phases of the subdivision until required public improvements are installed in accordance with the construction permit and bond provisions.

2.

ESCROW OR LETTER OF CREDIT

(a)

The developer may enter into an escrow or a letter of credit agreement with the city. This form of financial guarantee requires that the applicant place in escrow or submit a letter of credit in an amount estimated by the city planning and development director to be sufficient to cover the entire cost of construction, engineering, installation, and dedication of the improvements to be covered by the financial guarantee. Unless a completion date is properly extended by the city planning and development director for the escrow or letter of credit agreement, public improvements must be completed in accordance with the following timetable:

Improvement	Required Completion (years from plat recording)
Wastewater (sewer)	2
Stormwater management	2
Streets	2
Sidewalks	2
All other	2

 

(b)

The escrow or letter of credit agreement must be submitted before the final plat is forwarded to the city council.

(c)

The city is authorized to delay release of final plats for subsequent phases of the subdivision until required public improvements are installed.