D. Subdivision Improvement Agreements for Phased Developments
(1) Upon the approval by the Council of the final plat, the subdivider shall execute an agreement with the City that includes the following:
a. Provisions for satisfactory drainage, traffic movements, utilities and other services determined by the City Engineer in conjunction with required subdivision improvements for each development phase within the subdivision;
b. A schedule specifying the time period in which the improvements for each phase shall be completed. Circumstances under which a time extension would be granted, including a review of the adequacy of financial assurance, may be included in the agreement;
c. Provision of financial assurance for the construction of improvements within each phase of development:
1. The subdivider may apply to the City Engineer for an appropriate reduction in the amount of financial assurance retained by the City or refund of cash deposit upon completion of each phase;
2. Any work abandoned or not completed by the subdivider may be completed by the City, which shall recover the construction costs from the subdivider or surety;
3. No lots shall be released for sale from the approved development phase until either the agreement or an assurance of construction has been posted and accepted by the City Engineer.
(2) Notwithstanding the above provisions, a subdivider may, with the approval of the Director and the City Engineer, record a final plat for all of the proposed subdivision, yet only provide financial assurances for the construction of each phase proposed for immediate development.