§ 32-161. Developer's agreement.

After preliminary approval has been given to a plat or subdivision, the applicant shall enter into a developer's agreement (herein called the "agreement") with the city, on terms and conditions determined by the city, and shall cause all street, water and sewer improvements required by the planner or engineer, or by the resolution granting preliminary or final approval, to be completed, pursuant to the agreement and to the city's then standards and specifications for such improvements. Such agreement:

(1)

As to improvements to be installed by the applicant shall obligate the applicant to install and complete all such improvements, at the applicant's own expense and under the supervision and inspection of the engineer, and shall obligate the applicant to pay to the city a fee in compensation for such services in an amount equal to 6.5 percent of the total construction cost of all such improvements within 30 days after receipt of a statement;

(2)

As to improvements petitioned for by the applicant to be installed by the city, which city installations shall be done only in plats then situated within the Single Dwelling Unit District, the Double Dwelling Unit District and the Planned Residence District, as determined by chapter 36, shall obligate the city to provide engineering services and construct the improvements and obligate the applicant to pay to the city the cost of such services and construction through payment of special assessments, which shall be payable in not more than three annual installments; and

(3)

As to improvements petitioned for by the applicant to be installed and assessed in accordance with the regular policies of the city, shall provide for installation, if ordered by the council, and assessment in accordance with the then policies of the city; provided, however, that the city shall not be obligated to enter into such agreement:

a.

If the improvements required by the city planner or engineer or by such resolution are not allocated among the methods at this subsection and subsections (1) and (2) of this section in a manner satisfactory to the engineer;

b.

If the applicant, as to the improvements at this subsection and subsections (1) and (2) of this section, does not give one or more of a bond, cash in escrow or an irrevocable letter of credit, all as may be required by the planner or engineer; or

c.

As to any improvements, if the council determines that the city must borrow money to pay its costs of construction under such agreement and such borrowing will jeopardize the city's credit rating.

The agreement shall also provide, as to improvements in subsection (2) of this section, that if the applicant transfers any lot or parcel in the platted or subdivided area while special assessments then levied, or to be levied, for the improvements made pursuant to said agreement remain unpaid, they will be paid or prepaid in full as to such transferred lot or parcel, to the city treasurer or the county treasurer, at the time of such transfer.

(Code 1992, § 810.12(1); Ord. No. 804, 12-13-1989; Ord. No. 1998-5, 8-26-1998; Ord. No. 2006-01, 3-6-2006; Ord. No. 2009-05, 4-21-2009)