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A. An applicant may choose to install all infrastructure and other required improvements in accordance with the provisions of the Algona Municipal Code and the requirements of the approved preliminary plat, subject to inspection and approval by the city. As a condition of approval and acceptance by the city of the public improvements, applicant shall provide the city with a maintenance bond or other suitable surety, in a form approved by the city attorney and in an amount equal to twenty percent of the actual construction cost of the improvements, as determined by the city engineer, guaranteeing the repair or replacement of any improvements which prove defective or fail to survive within two years after final acceptance by the city of the required infrastructure or improvements.

B. In the alternative, if the applicant does not install all of the required infrastructure and improvements, a cost estimate of the amount required to install the infrastructure and improvements within one year of final plat approval shall be prepared. A performance bond or other surety may be accepted by the city in an amount equal to one hundred fifty percent of the estimated cost of installing any required improvements not installed prior to the approval of the final plat. The city attorney shall approve the form, sufficiency, and manner of execution of the performance bond, or other surety, prior to the approval of the final plat. The performance bond, surety, or approved local improvement district (L.I.D.) shall be submitted prior to final plat approval. The city reserves the authority to decide whether and to what degree bonding or other performance securities may be accepted in lieu of actual installation of improvements. This condition shall be stated on the final plat and shall be binding on all later owners of lots created by the subdivision.

C. The performance bond required by this section shall remain in effect until released in writing by the city. The performance bond shall not be released until the city engineer is satisfied that all improvements have been satisfactorily completed and until the applicant files a maintenance bond or other suitable surety, in a form approved by the city attorney and in an amount equal to twenty percent of the actual construction cost of the improvements, as determined by the city engineer, guaranteeing the repair or replacement of any improvements which prove defective or fail to survive within two years after final acceptance by the city of the improvements or landscaping. The maintenance bond or surety shall be executed upon, and the applicant shall be liable for repair costs in excess of the maintenance bond or surety, in the same manner as set forth above with respect to the performance bond or surety.

D. The applicant and the city may also enter into a voluntary agreement pursuant to the provisions of RCW 82.02.020. (Ord. 1190-21 § 2 (Exh. A), 2021; Ord. 1016-08 § 2).