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June 16, 2022 <br />139 <br /> <br />accepted. No improvement shall be accepted for dedication except upon submission of <br />as-built drawings by the developer and inspection of the final construction. <br />Section 7.06 Maintenance Guarantee. <br />(a) When a municipality and/or authority has accepted dedication of certain improvements, <br />it may, at its discretion, require the applicant to submit financial security to secure <br />structural integrity of said improvements as well as the functioning of said improvements <br />in accordance with the design and specifications as depicted on the Final Plats. Such <br />guarantee shall be posted or shown on the application for one (1) year after the <br />construction thereof, or until acceptance of improvements has been consummated, a <br />period not to exceed eighteen (18) months. Such financial security shall be of the same <br />type as required to guarantee construction of improvements and shall not exceed fifteen <br />(15) percent of the actual cost of installation of said improvements. <br />Section 7.07 Final Lot Grading Assurance. <br />(a) To ensure compliance with the approved drainage and lot grading drawings, all <br />developers of residential major subdivisions and any commercial or industrial <br />developments shall deposit a financial security in an amount sufficient to cover the costs <br />of grading each lot consistent with the approved drainage and lot grading drawings. The <br />financial security shall be released only as such point when the primary structure has <br />been constructed, final grading of the lot has occurred, the unimproved graded area has <br />eighty (80) percent turf coverage and as built plans have been submitted and approved <br />by the Cass County Engineer. <br />(b) Form of Financial Security. The subdivision applicant/developer shall provide a form of <br />financial guarantee as set forth in Section 7.03 (d) of this Ordinance and shall submit a <br />breakdown of the total number of lots and total amount of the lot grading guarantee on <br />a form provided by the County Engineer. <br />(c) Amount of Guarantee. Prior to plat recordation, all major subdivisions and any <br />commercial or industrial developments shall deposit a financial guarantee of two <br />thousand (2000) dollars for each buildable lot. Subdivisions with complex lot grading <br />plans or large lots may be required to provide a larger sum to sufficiently cover the costs <br />of lot grading, the County Engineer shall determine those lots requiring a greater sum on <br />a case-by-case basis and will establish the appropriate lot grading guarantee. <br />(d) Transfer of Lot Grading Guarantee. Following the approved recordation of the <br />subdivision plat, the applicant may transfer the lot grading guarantee following the sale <br />and transfer of deed of a lot pursuant to the following: <br />1. The new owner shall provide two thousand (2000) dollars for each purchased lot. The owner <br />shall deposit cash in escrow with a Federal or state chartered financial institution and shall <br />document the subdivision, block and lot the escrow was prepared for. The owner shall file, <br />with the County, an agreement between the financial institution and himself guaranteeing <br />the following: