[Ord. No. 508 §1, 11-4-2002]
A. 
General Requirements. After the site improvement plans have been approved, but before the City approves, signs and seals the record plat, the developer shall:
1. 
Complete the improvements, including "off site" or "public" land improvements, in accordance with the approved improvement plans under the observation and inspection of the appropriate agency along with providing an established escrow agreement or lender's agreement for ten percent (10%) of the cost, as determined by the City Engineer, of said improvements as provided in Subsection (B) below; or
2. 
In lieu of complete installation of said improvements, provide a land subdivision bond issued by a surety company or title insurance company to insure or guarantee one hundred ten percent (110%) of the costs of construction and installation of improvements, as specified by the City Engineer, of the required improvements shown by the approved site improvement plans as provided in Subsection (C) below. Such bonds shall include, but are not limited to, performance bonds, payment bonds and maintenance bonds. A subdivision bond for "off site" or "public" land improvements may also be required; or
3. 
In lieu of complete installation of said improvements, provide a satisfactory escrow agreement or lender's agreement (irrevocable letter of credit) established to insure or guarantee one hundred ten percent (110%) of the costs of construction and installation of improvements, as specified by the City Engineer, of the required improvements shown by the approved site improvement plans as provided in Subsection (D) below. An agreement for "off site" or "public" land improvements may also be required.
B. 
Completion Of Improvements. Prior to commencing any site improvement activity as in Subsection (A)(1) above, the developer shall provide an escrow agreement or lender's agreement acceptable to the Board of Aldermen for ten percent (10%) of the cost of approved improvements. Such escrow agreements and lender's agreements shall guarantee the improvements set forth in the approved improvement plans by providing deposit (cash, certified check or cashier's check) with the City of Foristell or an institution whose deposits are Federally insured by the United States Government of that sum of lawful monies of the United States of America or a lender's agreement in the amount which the City Engineer shall reasonable estimate as the cost of said improvements. The developer shall submit a listing of improvement quantities along with the developer's estimated unit cost to facilitate the City Engineer completing the cost estimate.
1. 
Such escrow sum shall be held in a special account by the escrow holder subject to audit by the City Engineer and/or Board of Aldermen of the City of Foristell.
2. 
Such lender's agreement shall be subject to audit by the City Engineer and/or the Board of Aldermen of the City of Foristell.
3. 
The established sum shall be held by the escrow holder or the lender as provided in the agreement. Authorization of release of such funds shall be written and addressed or copied to the escrow holder or the lender.
4. 
Such ten percent (10%) of the total monies estimated for the improvements shall be retained for a period of one (1) year from the date of acceptance of the instrument of dedication by the Board of Aldermen to guarantee proper construction of said improvements. In the event that during this one (1) year period any of the improvements escrowed for are deemed by the City Engineer to fail the construction guarantee, the ten percent (10%) retention shall be used by the City for reconstruction, repair or modification or the improvements as may be required. After the period of one (1) year after the date of acceptance of the instrument of dedication and correction of any deficiencies, all monies remaining in the escrow or lender's agreement shall be released. If deemed in the City's best interest not to perform remedial work within the aforementioned one (1) year period and the developer agrees to extend the escrow agreement, release of all monies can be delayed until a mutually agreed upon date has been reached. No authorization for release of such funds shall be made until inspections have been made certifying that the improvements have been constructed in accordance with the approved plans and meet all the requirements of the City of Foristell.
5. 
In the event that the improvements that are to be dedicated to the City are not satisfactorily installed and dedicated within the provisions of paragraph 4 above, the City of Foristell has the right to remove said monies to complete the guaranteed improvements, unless the Board of Aldermen grants an extension of time.
C. 
Land Subdivision Bonds. Before approval of the record plat by the Board of Aldermen, a performance guarantee in the form of land subdivision bonds shall be required from the subdivider in the amount of the estimate approved by the City Engineer for the total cost of the required improvements. This performance guarantee shall run to the Board of Aldermen and be with good and sufficient surety, satisfactory to the Board and as approved by the City Attorney, conditioned upon the installation (including maintenance during the development period) of the required improvements within two (2) years after the approval of the record plat. If at the end of the two (2) year period all of the improvements have not been completed, the Board of Aldermen may (1) extend the period for a maximum of one (1) year, or (2) take action to obtain the necessary monies from the surety to complete the improvements, or (3) take action to obtain the necessary monies from the surety to hold in the City Treasury until the improvements may be completed.
1. 
Such performance guarantee shall guarantee the total required improvements but may be reduced upon written authorization of the Board of Aldermen upon recommendation by the City Engineer and upon completion of specific improvements provided the release does not exceed seventy-five percent (75%) of the estimated cost for the specific improvement or seventy-five percent (75%) of the total initial amount of the performance guarantee. The total amount remaining in the performance guarantee shall continue to guarantee completion of all improvements until completely released in accordance with paragraphs (2) and (3) below.
2. 
Upon completion of all improvements and final inspections and approval and acceptance by the Board of Aldermen of improvements which will be maintained by the City, the Board of Aldermen may release the remaining twenty-five percent (25%) of the performance guarantee.
3. 
Such performance guarantee may be held by the City until the Board of Aldermen are provided written certification by the City Engineer that improvements that have been constructed meet applicable standards and have been accepted for maintenance by other responsible agencies such as Missouri Department of Transportation or others.
D. 
Escrow Agreements Or Lender's Agreements. Escrow agreements and lender's agreements shall guarantee the one hundred percent (100%) of the costs of improvements set forth in the approved improvement plans by providing deposit (cash, certified check or cashier's check) with the City of Foristell or an institution whose deposits are Federally insured by the United States Government of that sum of lawful monies of the United States of America or a lender's agreement in the amount which the City Engineer shall reasonable estimate as the cost of said improvements. The developer shall submit a listing of improvement quantities along with the developer's estimated unit cost to facilitate the City Engineer completing the cost estimate.
1. 
Such escrow sum shall be held in a special account by the escrow holder subject to audit by the City Engineer and/or Board of Aldermen of the City of Foristell.
2. 
Such lender's agreement shall be subject to audit by the City Engineer and/or the Board of Aldermen of the City of Foristell.
3. 
The established sum shall be held by the escrow holder or the lender as provided in the agreement. Authorization of release of such funds shall be written and addressed or copied to the escrow holder or the lender. The Board of Aldermen, with City Engineer written recommendation, may authorize release for disbursement by the escrow holder or lender for payment of labor and materials used in the construction and installation of the improvements guaranteed, as the work progresses and when such work is approved by the City Engineer.
4. 
Ten percent (10%) of the total monies estimated for the improvements shall be retained for a period of one (1) year from the date of acceptance of the instrument of dedication by the Board of Aldermen to guarantee proper construction of said improvements. In the event that during this one (1) year period any of the improvements escrowed for are deemed by the City Engineer to fail the construction guarantee, the ten percent (10%) retention shall be used by the City for reconstruction, repair or modification or the improvements as may be required. After the period of one (1) year after the date of acceptance of the instrument of dedication and correction of any deficiencies, all monies remaining in the escrow or lender's agreement shall be released. If deemed in the City's best interest not to perform remedial work within the aforementioned one (1) year period and the developer agrees to extend the escrow agreement, release of all monies can be delayed until a mutually agreed upon date has been reached. No authorization for release of funds shall be made until inspections have been made certifying that the improvements have been constructed in accordance with the approved plans and meet all the requirements of the City of Foristell.
5. 
In the event that the improvements which are to be dedicated to the City are not satisfactorily installed and dedicated within two (2) years after the approval of the improvement plans, the City of Foristell has the right to remove said monies to complete the guaranteed improvements, unless an extension of time is granted by the Board of Aldermen.
E. 
Sediment And Erosion Escrow. A cash escrow to be held by the City shall be established to guarantee the performance and maintenance of erosion and sediment control devices. The cash escrow shall be established when the grading, sediment and erosion control plans are approved. The cash escrow will remain in effect until the development is completed and vegetation has been established and all erosion and sediment problems are resolved to the satisfaction of the Board of Aldermen. The developer shall be responsible for all work at the site including work by subcontractors, utility companies and other contractors. The amount of such cash escrow shall be as follows:
1. 
Single-family residential (detached) developments shall escrow three hundred fifty dollars ($350.00) per lot (maximum escrow amount of ten thousand dollars ($10,000.00)).
2. 
Residential development not included in the above category and commercial or industrial developments shall establish a cash escrow in the amount of one thousand dollars ($1,000.00) per acre. Acreage shall include all disturbed ground required for the total development, regardless if said development occurs in phases (maximum escrow amount of ten thousand dollars ($10,000.00)).
If the erosion and sediment control plan is not effective, non-compliant or not properly maintained, the City shall notify the developer. The notification can be in written or verbal form. The developer shall have three (3) days to correct or remedy the problem to the satisfaction of the City Engineer. If the problem has not been corrected within three (3) days, the City shall use the cash escrow to correct the problem. Corrections shall be deducted from the cash escrow at one hundred percent (100%) of the actual cost plus twenty-five percent (25%) for City administrative costs.
If an erosion and sediment control problem is deemed critical, the developer shall have four (4) hours to correct or remedy the problem to the satisfaction of the City. If the problem has not been corrected within four (4) hours, the City shall use the cash escrow to correct the problem, including reimbursement of the City labor and materials, if necessary. Corrections shall be deducted from the cash escrow at one hundred percent (100%) of the actual cost to the City and twenty-five percent (25%) for City administrative costs.
In the event any amount is withdrawn from the cash escrow by the City for any reason, the developer shall replenish said escrow account for like amount within ten (10) working days or the development project shall cease and a stop work order shall be issued until said amount is replenished to the escrow account.
The cash escrow shall be held in a separate account by the City of Foristell and will bear no interest to the developer, whether or not the City deposits said money in any interest-bearing account. Any such interest earned shall belong solely to the City for deposit into the General Fund. There shall be no partial releases of the cash escrow account to the developer. The cash escrow shall be released upon completion of the development and vegetation has been established and all erosion and sediment problems are resolved to the Boards of Aldermen's satisfaction.
F. 
State Licensed. All bonds, escrow agreements and lender's agreements shall be with a company, bank, surety or lender licensed to do business in the State of Missouri and shall assure that subcontractors, laborers and material suppliers will be paid in the event of developer default and to prevent subcontractors from filing mechanics' liens on the project.
G. 
Eligibility. To be eligible, all performance guarantees shall be approved by the City Attorney. All performance guarantees shall be subject to spot audits by the City under the supervision of the City Engineer and/or Board of Aldermen. If the company providing a performance guarantee fails to comply with any of the provisions of the land subdivision or conditions of the performance guarantee, the company shall not thereafter be allowed to provide performance guarantees for any subdivision improvement within the City for a period of two (2) years and shall be subject to any penalties herein established and authorized. In addition, the City Attorney shall take such action at law or in equity as may be required to secure all misappropriated funds.
H. 
Conflict Of Interest. In no event, shall the company providing a performance guarantee have any material or other property interest in the proposed subdivision to which the performance relates nor have any other business relationship with the developer in any other development, subdivision or project that would, from the standpoint of the City, be considered a conflict of interest.
I. 
Individual Lots. Escrows and performance guarantees shall not be required for grading permits issued for work to be done on an individual residential lot, unless specifically required by the City Engineer.
[Ord. No. 508 §1, 11-4-2002]
A. 
Term Length Performance And Reduction. The term length in which the performance guarantees are in force shall be for a period to be specified by the Board not to exceed two (2) years for the improvement. During the period the performance guarantee is in force, the developer may request inspection of completed improvements by the City Engineer who will assure that a certain percentage of the improvements has been completed. If, at the end of the two (2) year period, all the improvements reflected by the approved site improvement plans have not been completed, the Board of Aldermen may, upon written request and satisfactory explanation, extend the term of the performance guarantee for a period not to exceed one (1) additional year and if after review by the Board of Aldermen the Board finds such a extension is necessary, to facilitate adequate and coordinated provisions for such public improvements. If the site improvements have not been completed at the end of the two (2) year period or as extended by the Board of Aldermen, the Board of Aldermen may:
1. 
Require the company providing the performance guarantee to perform on the guarantee and pay to the City such amount as shall be equal to the lesser of the amount required to complete the improvements or the amount of the guarantee not theretofore released.
2. 
Require the developer to submit a new performance guarantee which has been recalculated in order to allow for any inflation in the case of constructing and completing improvements.
3. 
If the company providing the performance guarantee fails to perform on the guarantee within thirty (30) days after written request, the Board of Aldermen may request the City Attorney take immediate action to require performance by the company providing the guarantee for the amount required plus the costs and fees of collection.
B. 
Partial Release.
1. 
The Board of Aldermen may authorize reduction of the performance guarantee in force in an amount equivalent to the percentage of completed improvements upon certification in writing and recommendation by the City Engineer. At no time will the amount of the performance guarantee account be reduced to less than the cost of completing said remaining improvements. Upon the City Engineer's assurance of the proper completion of all subdivision improvements, all of the escrowed funds may be released except for ten percent (10%) retainage for the street, storm sewer, water, stormwater and sanitary sewer improvements. All requested releases of funds shall be in writing and addressed to the City Engineer.
2. 
Retainage may be released, if there are no problems, at the end of one (1) year after the certification of completion and after the Board of Aldermen has formally accepted the dedication of the street, storm sewer, water, stormwater and sanitary improvements. A performance guarantee retainage shall only be authorized to be released in its entirety after the City Engineer certifies that all site improvements have been constructed in accordance with the approved plans and meet ail the requirements of the Foristell subdivision and land development regulations.
C. 
Failure To Complete The Construction Of An Improvement. In the event the developer fails to complete such work within the period of time required by the conditions of the guarantee, the Board of Aldermen may take such steps as might be necessary to have such work completed or to require performance by the bonding or surety company and as included in the written agreements between the Board, the developer and the company providing the performance guarantee.
[Ord. No. 508 §1, 11-4-2002]
A. 
Common Land. In any case where the establishment of common land (including pedestrian walkways and cul-de-sac islands), private streets, street lighting, drainage facilities such as detention basins and drainage pipe and ditches or swales or any other improvement requires continuous maintenance, a trust indenture shall be recorded simultaneously with the record plat. The indenture shall provide for proper maintenance and supervision by the trustees who are selected to act in accordance with the terms of such indenture and the applicable provisions of these regulations. For single lot developments and developments with no common ground, the City may accept language certifying the means of maintenance on the record plat. Common land shall be conveyed by the owner by fee simple absolute title by warranty deed to the trustees whose trust indentures shall provide that the common land be used for the benefit, use and enjoyment of the lot owners present and future and shall be the maintenance responsibility of the trustees of the subdivision and that no lot owner shall the right to convey his/her interest in the common ground except as incident of the ownership of a regularly platted lot.
B. 
Recording Required. Any trust indenture required to be recorded or recorded for the purpose of compliance with provisions of these regulations or the City Zoning Code shall provide for not less than the following representation of purchasers of developed lots among the trustees: one-third (⅓) of the trustees shall be chosen by purchasers of developed lots after fifty percent (50%) of the lots have been sold; two-thirds (⅔) of the trustees shall be chosen by purchasers of developed lots after ninety-five percent (95%) of the lots have been sold; all of the trustees shall be chosen by purchasers of developed lots after all of the lots have been sold.
C. 
Large Lot Subdivision. A trust indenture shall be required for a large lot subdivision only in the event that common land or other private improvements are contained within the subdivision.
D. 
Term. Term of indentures for all types of subdivisions, including planned districts, shall be for the duration of the subdivision. In the event the subdivision is vacated, fee simple title shall vest in the then lot or unit owners as tenants in common. The rights of the tenants shall only be exercisable appurtenant to and in conjunction with their lot or unit ownership. Any conveyance of change of ownership of any lot or unit shall convey with it ownership in the common land and no interest in the common land shall be conveyed by a lot or unit owner except in conjunction with the sale of a lot or unit. The sale of any lot or unit shall be carry with it all the incidents of ownership of the common land although such is not expressly mentioned in the deed; provided that no right or power conferred upon the trustee(s) shall be abrogated.
E. 
Assessments. All assessments against lots and property contained within the subdivision shall be levied against all property owners within the subdivision, including the developer. The trust indenture shall not, in any fashion, exempt any property owner, including the developer(s), from the payment of these fees. The trust indenture shall provide for the payment of the assessment by the property owners on no greater than a yearly basis; however, a payment schedule on less than a yearly basis may be included. Regardless of the assessment schedule, the first (1st) assessment against all lots and property contained within the subdivision shall occur no later than one (1) year following the recording date of the record subdivision plat. In the event the subdivision is developed in phases, the initial assessment against all lots and property within the first (1st) phase recorded shall occur within one (1) year following the recording date of that phase. The lots and property contained within each successive phase shall be automatically included within the assessment schedule originated in the first (1st) phase at the time each successive phase is recorded. All assessment accounts shall be subject to audit by the City at any time and all pertinent documents as determined by the City shall be opened to the City upon demand. For that period of time in which the developer appoints the majority of the trustees, the developer shall be held liable for the management of the assessment account.
F. 
Initial Assessment. The initial assessment against all lots in the subdivision or first (1st) phase of the development shall include all lots and property held by the developer of the subdivision as well as those lots and property which have been sold at that time. In no case shall any property held by the developer in the subdivision phase of development be exempt from the assessment.