Fiscal Note
No Appropriation Required
Title
Amending Section 16.23(9)(c)2. and 4. of the Madison General Ordinances to update developer agreement security requirements.
Body
DRAFTER'S ANALYSIS: This ordinance makes changes to the City’s security requirements for developer’s agreements to bring the City’s ordinance in line with recent changes made under the “Developer’s Bill” (2017 Wis. Act 243) to Wis. Stat. § 236.13(2). This statutory provision, which is binding on the City, has been amended numerous times over the last decade.
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The Common Council of the City of Madison do hereby ordain as follows:
1. Paragraph 2. entitled “Surety” of Subdivision (c) entitled “Contract for Public Improvements for Subdivisions” of Subsection (9) entitled “Required Improvements for Subdivisions” of Section 16.23 entitled “Land Subdivision Regulations” of the Madison General Ordinances is amended to read as follows:
“2. Surety Security. The subdivider shall file with said contract, subject to the approval of the City Attorney, security in the form of a bond, an irrevocable letter of credit or a certified check, in an amount that is not more than one hundred twenty percent (120%) of the estimated total cost of to complete the required public improvements prepared by the City Engineer as security to guarantee that the improvements will be completed by the subdivider or her/his contractors as provided by the contract for subdivision improvements. If the improvements will be installed in phases, the amount of the security shall be limited to the phase being constructed. The subdivider shall provide the security for not more than fourteen (14) months after the date the public improvements for which the security is provided are substantially completed and upon substantial completion of the public improvements, the amount of the security the subdivider is required to provide may be no more than a...
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