(a) As an alternative to construction of required improvements prior to final plat approval, the subdivision applicant may provide a surety bond or other secure method acceptable to the city council which provides for and secures to the city the actual construction of the improvements.

(b) The value of the bond or security shall be one hundred ten percent of the estimated cost of the improvements. The estimated cost shall be based upon the approved civil engineering design of the required improvements.

(c) An application for use of a surety bond or other method of security shall be made to the city engineer and shall describe the method of security to be provided and the estimated cost of the required improvements. The application, including the estimated cost of improvements and the general terms of the security agreement, shall be subject to review and approval by the city public works director and the city attorney, who shall notify the subdivision applicant of tentative approval or rejection of the application within fourteen days after its filing.

(d) After tentative approval of an application has been given, the subdivision applicant shall submit the bond or other method of security to the city public works director for final review and approval. (Ord. 2173, § 2 (Exh. A), 2022.)