Cost Estimates for Financial Assurances - Street Improvements (Effective January 1, 2023)
The following unit costs will be used by City Engineering to determine the amount of Financial Assurance to be collected for Street Improvements. The subdivider may submit an engineer’s cost estimate or bid tabulation to be used in lieu of these unit costs subject to City Engineering approval. These costs were adjusted by approximately 3%. All figures were rounded to the nearest dollar for ease of calculating assurances.
Instructions for Financial Assurances
- If assurances filed with the City expire, no building permits for the building site shall be issued. It shall be the responsibility of the subdivider to keep current all assurances filed with the City. The City shall have the right at any time to increase or decrease the amount of assurance in accordance with the current estimates of public improvements... it being the intent of this provision that the subdivider shall pay the entire cost of all improvements, and the subdivider shall in no way limit his liability therefore by filing assurances based upon estimates. 7.7.1105
- 2% of the total streets will be added to each plat for signage and striping.
- Any assurance on file for more than three years will be re-evaluated by the City for its amount and appropriateness. If it is determined that the facilities are not needed, the assurance will be released. The City Engineer may at any time make written demand for construction of the facilities.
- Reference Policy No. 971015 for disbursement of Defaulted Assurances.