A. 
No subdivision and/or land development application shall be finally approved unless the streets shown on such plan have been improved to a mud-free or otherwise permanently passable condition, or improved as required by this chapter and any streets, alleys, walkways, curbs, gutters, streetlights, fire hydrants, street trees, water mains, sanitary sewers, storm sewers and other improvements as required by this chapter have been installed in accordance with this chapter. In lieu of the completion of any improvements required as a condition for final plan approval, including improvement or fees, the landowner or developer shall deposit financial security with the city in an amount sufficient to cover the costs of such improvements or common amenities, including, but not limited to, roads, stormwater detention and/or retention basins and other related drainage facilities, recreational facilities, open space improvements or landscaping which are or may be required.
B. 
When requested by the landowner or developer, in order to facilitate financing, the City Council shall furnish the developer with a signed copy of a resolution indicating approval of the final plan contingent upon the developer obtaining a satisfactory financial security. The final plan (record plan) shall not be signed nor recorded until the financial improvements agreement is executed. The resolution or letter of contingent approval shall expire and be deemed to be revoked if the financial security agreement is not executed within 90 days, unless a written extension is granted by the City Council. Such extension shall not be unreasonably withheld and shall be placed in writing at the request of the landowner or developer.
A. 
In lieu of the completion of the streets, alleys and other improvements required as a condition for the final approval of the subdivision and/or land development plan as set forth in §§ 197-13 and 197-65, the landowner or developer may deposit financial security acceptable to the City Council (except as set forth in this section) in an amount sufficient to cover the costs of such improvements, estimated, calculated and determined as set forth below.
B. 
Without limitation as to other types of financial security which the city may approve, which approval shall not be unreasonably withheld, federal- or commonwealth-chartered lending institution irrevocable letters of credit and restrictive or escrow accounts in such lending institutions shall be deemed acceptable financial security.
C. 
Such financial security shall be posted with a bonding company or federal- or commonwealth-chartered lending institution chosen by the party posting the financial security, provided that said bonding company or lending institution is authorized to conduct such business within the commonwealth.
D. 
Such bond or other security shall provide for and secure to the public the completion of any improvements which may be required on or before the date fixed in the formal action of approval or accompanying agreement for completion of the improvements.
E. 
The amount of financial security to be posted for the completion of the required improvements shall be equal to 110% of the cost of completion estimated as of 90 days following the date scheduled for completion by the landowner or developer. The city may adjust the amount of the financial security annually by comparing the actual cost of the improvements which have been completed and the estimated cost for the completion of the remaining improvements as of the expiration of the 90th day after either the original date scheduled for completion or a rescheduled date of completion. Subsequent to said adjustment, the city may require the landowner or developer to post additional security in order to assure that the financial security equals said 110%. Any additional security shall be posted by the landowner or developer in accordance with this subsection.
F. 
The amount of financial security required shall be based upon an estimate of the cost of completion of the required improvements submitted by a landowner or developer and prepared by a professional engineer licensed as such in this commonwealth and certified by such engineer to be a fair and reasonable estimate of such cost. The city, upon the recommendation of the City Engineer, may refuse to accept such estimate for good cause shown. If the landowner or developer and the city are unable to agree upon an estimate, then the estimate shall be recalculated and recertified by another professional engineer licensed as such in this commonwealth and chosen mutually by the city and the landowner or developer. The estimate certified by the third engineer shall be presumed fair and reasonable and shall be the final estimate. In the event that a third engineer is so chosen, fees for the services of said engineer shall be paid equally by the city and the landowner or developer.
G. 
If the party posting the financial security requires more than one year from the date of posting of the financial security to complete the required improvements, the amount of financial security may be increased by an additional 10% for each one-year period beyond the first anniversary date from posting of financial security or to an amount not exceeding 110% of the cost of completing the required improvements as reestablished on or about the expiration of the preceding one-year period by using the above bidding procedure.
H. 
In the case where development is projected over a period of years, the City Council may authorize submission of final plans by section or stages of development, subject to such requirements or guaranties as to improvements in future sections or stages of development as it finds essential for the protection of any finally approved section of the development.
I. 
As the work of installing the required improvements proceeds, the party posting the financial security may request the City Council to release or authorize the release, from time to time, of such portions of the financial security necessary for payment to the contractor or contractors performing the work. Any such requests shall be in writing addressed to the City Council, who shall have 45 days from receipt of such request within which to allow the City Engineer to certify, in writing, to the City Council that such portion of the work upon the improvements has been completed in accordance with the approved plan. Upon such certification, the City Council shall authorize release by the bonding company or lending institution of an amount as estimated by the City Engineer fairly representing the value of the improvements completed; or, if the City Council fails to act within said forty-five-day period, the City Council shall be deemed to have approved the release of funds as requested. The City Council may, prior to final release at the time of completion and certification by its Engineer, require retention of 10% of the estimated cost of the aforesaid improvements.
J. 
Where the City Council accepts dedication of all or some of the required improvements following completion, the Board may require the posting of financial security to secure structural integrity of said improvements as well as the functioning of said improvements in accordance with the design and specifications as depicted on the final plan for a term not to exceed 18 months from the date of acceptance of dedication. Said financial security shall be of the same type as otherwise required in this section with regard to installation of such improvements, and the amount of the financial security shall not exceed 15% of the actual cost of installation of said improvements.
K. 
If water mains or sanitary sewer lines, or both, along with apparatus or facilities related thereto, are to be installed under the jurisdiction and pursuant to the rules and regulations of a public utility or municipal authority separate and distinct from the city, financial security to assure proper completion and maintenance thereof shall be posted in accordance with the regulations of the controlling public utility or municipal authority and shall not be included within the financial security as otherwise required by this section.
L. 
If financial security has been provided in lieu of the completion of improvements required as a condition for the final plan approval, the city shall not condition the issuance of building, grading or other permits relating to the erection or placement of improvements, including buildings, upon the lots or land as depicted upon the final plan upon actual completion of the improvements depicted upon the approved final plan. Moreover, if said financial security has been provided, occupancy permits for any building or buildings to be erected shall not be withheld following the improvement of the streets and alleys providing access to and from existing public streets or alleys to such building or buildings to a mud-free or otherwise permanently passable condition, as well as the completion of all other improvements as depicted upon the approved final plan, either upon the lot or lots or beyond the lot or lots in question if such improvements are necessary for the reasonable use of or occupancy of the building or buildings.
A. 
When the landowner or developer has completed all of the necessary and appropriate improvements, the landowner or developer shall notify the City Council, in writing, by certified or registered mail, of the completion of the aforesaid improvements and shall send a copy thereof to the City Engineer. The City Council shall, within 10 days after receipt of such notice, direct and authorize the City Engineer to inspect all of the aforesaid improvements. The City Engineer shall, thereupon, file a report, in writing, with the City Council and shall promptly mail a copy of the same to the landowner or developer by certified or registered mail. The report shall be made and mailed within 30 days after receipt by the City Engineer of the aforesaid authorization from the City Council. Said report shall be detailed and shall indicate approval or rejection of said improvements, either in whole or in part; and, if said improvements or any portion thereof shall not be approved or shall be rejected by the City Engineer, said report shall contain a statement of reasons for such nonapproval or rejection.
B. 
The City Council shall notify the landowner or developer, within 15 days of receipt of the City Engineer's report, in writing by certified or registered mail of the action of the City Council with relation thereto.
C. 
If the City Council or the City Engineer fails to comply with the time-limitation provisions contained herein, all improvements will be deemed to have been approved and the landowner or developer shall be released from all liability, pursuant to its performance guaranty bond or other security agreement.
D. 
If any portion of said improvements shall not be approved or shall be rejected by the City Council, the landowner or developer shall proceed to complete the same and, upon completion, the same procedure of notification, as outlined herein, shall be followed.
E. 
Nothing herein, however, shall be construed in limitation of the landowner's or developer's right to contest or question by legal proceedings or otherwise any determination of the City Council or the City Engineer.
A. 
Within 30 days after completion of improvements and approval of the same by the city and before acceptance of such improvements, the landowner or developer shall submit to the City Council a corrected set of as-built plans and profiles in accordance with §§ 197-18 and 197-33. In the event that the as-built plan is not submitted in complete and accurate form, all funds being withheld by means of a completion guaranty shall not be released until such plan has been satisfactorily completed.
B. 
The as-built plan shall be reproducible and drawn to the same scale as the final plan, conservation plan and construction improvements plan and shall be certified to by an engineer or surveyor and approved by the City Engineer.
C. 
Said plan shall indicate the actual location, dimensions and/or elevations of all completed improvements, including but not limited to those set forth in § 197-33.
In the event that any improvements which may be required under this chapter have not been installed as provided in this chapter or in accordance with the approved final plan, the City Council may enforce the bond or other security by appropriate legal and equitable remedies. If the proceeds of such bond or other security are insufficient to pay the cost of installing or making repairs or corrections to all the improvements covered by such bond or security, the City Council may, at its option, install or repair part of such improvements in all or part of the subdivision or land development and may institute appropriate legal or equitable action to recover from the land developer the moneys necessary to complete said improvements. All of the proceeds whether resulting from the security or from legal or equitable action brought against the landowner or developer, or both, shall be used solely for the installation of improvements covered by such security.
Upon completion of the construction of improvements in accordance with the approved subdivision and/or land development plan, the following conditions shall apply to the offer of dedication of the same and the acceptance thereof:
A. 
The City Council shall have no obligation to take over and make public any street or alley,or other improvement in or abutting a subdivision or land development. If the City Council elects to accept an offer of dedication, such acceptance shall not occur unless and until:
(1) 
The required improvements and monuments as shown on the approved subdivision and/or land development plan, conservation plan and construction improvements plan shall have been certified by the City Engineer as having been constructed and installed in accordance with the provisions of this chapter and all other ordinances, codes, regulations, plans and maps of the city and accurately delineated on an as-built plan.
(2) 
A maintenance guaranty is provided through the posting of financial security, such as that deemed to be acceptable to the city as set forth in § 197-66A. Such guaranty shall assure the structural integrity of required improvements as well as the functioning of said improvements, in accordance with the design and specifications as depicted on the approved final plans for a term not to exceed 18 months from the date of acceptance of dedication. Said financial security shall be in an amount equivalent to 15% of the actual cost of installation of the required improvements.
(3) 
A deed or deeds of dedication for all such improvements, prepared and executed by the landowner or developer in accordance with forms prescribed by the City Council, shall have been presented to the City Council, together with a certificate from the contractor or contractors evidencing the payment of all labor and material costs and a policy of title insurance, insuring the fee title to said improvements as free and clear of all liens and encumbrances and other objections to the title.
(4) 
At least 50% of all lots having access to the street has been encompassed by completed dwellings, and the City Council shall determine that the public interest requires that such improvements be accepted.
(5) 
Any offer of a deed of dedication must be accompanied by a maintenance bond and the as-built plan(s) at least 90 days prior to the anticipated date for the acceptance of the deed of dedication.
B. 
The City Council shall have no responsibility with respect to any improvements, notwithstanding any public use thereof, unless and until such improvements are accepted for dedication by duly enacting or adopting an ordinance or resolution therefor.