16.16.100 Improvement agreement.
The subdivider shall execute and file with the city council an agreement between him or herself and the city of Marina for construction of improvements in the subdivision required by this chapter and other applicable laws. Said agreement shall provide for the following, in addition to other requirements which may be imposed.
A. The period within which the subdivider shall complete the improvement work to the satisfaction of the engineering services manager, failing which city may complete the work and recover the cost thereof from the subdivider and his improvement security.
B. Inspection of all improvement work by the engineering services manager and provision for payment to the city for the cost thereof.
C. The agreement may also provide for the construction of improvements in units, for extensions of time for performance of the agreement, and for progress payments to the subdivider or his order from cash deposits which the subdivider may have made as improvement security; provided, however, that no such progress payment shall be made for more than ninety percent of the value of any installment of work provided. No progress payments from cash deposits shall be made except upon certification by the engineering services manager that the work covered thereby has been satisfactorily completed, and upon approval and authorization by the city council.
D. That the subdivider file with the improvement agreement improvement security for the following purposes:
1. “Improvement security,” as used in this section, means one or more of the following:
a. A cash deposit or deposits made with the city;
b. A bond or bonds by one or more duly authorized corporate securities;
c. An instrument or instruments of credit from one or more financial institutions subject to regulation by the state or federal government pledging that the funds necessary to meet the performance are on deposit and the guarantee for payment and agreeing that the funds designated by the instrument shall become trust funds for the purposes set forth in the instrument.
2. Improvement security may be released or reduced in the following manner:
a. Improvement security given for faithful performance of the agreement may be released upon final completion and acceptance of the work; partial release of cash deposit improvement security as the work progresses shall be as established hereinabove.
b. Improvement security securing the payment to the contractor, his subcontractors, and to persons renting equipment or furnishing labor or materials may, six months after the completion and acceptance of the work, be reduced to an amount not less than the total of all claims on which an action has been filed and notice thereof given in writing to the city council, and if there are no actions filed, the improvement security may be released in full. (Ord. 2007-08 § 4 (Exh. A), 2007)