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Improvement Plans 4. Approval: Upon determination by the Director of Public Works, that the improvement plans satisfy the requirements of this Chapter, then said improvement plans shall be stamped as approved and dated. The Director shall notify the Zoning Administrator of such approval. 29-33.4 Effect of Approval of Improvement Plans and Period of Validity Approval of the improvement plans shall be valid for a period of two (2) years from the date of approval. If the construction of improvements has not been completed within the two (2) year period, the Director of Public Works, may grant an extension of up to one (1) year for completion. Any request for an extension shall be filed in writing with the Director prior to the expiration of the approval. If const. ruction has not been commenced within the two (2) year period, the approval shall be void. 29-33.5 As-Built Drawings After all required improvements, public or common private improvements, have been installed, but before final ap- proval or acceptance, the developer shall submit as-built drawings of the improvements to the Director of Public Works. SECTION 29-34 COMPLETION OF IM2PROVE- MENTS AND MAINTENANCE GUARANTEED 29-34.1 Completion Deposits and Maintenance Guaran- tees After the improvement plans have been approved and all inspection fees paid, but before approval of the final subdivision plat, the developer shall guarantee the completion of improvements and creation of a mainte- nance guarantee for all required improvements. The developer shall either deposit cash .or an irrevocable letter of credit under a deposit agreement with the City to guarantee the construction, completion, and installa- tion of the required improvements within the comple- tion period approved by the Director of Public Works, which shall not exceed two (2) years, except as such period may be extended as herein above provided. No guarantee or deposit shall be given to the City for sanitary and storm sewer improvements, if MSD confirms that its requirements for assurance of comple- tion are satisfied. This provision shall not affect the intent or enforcement of any guarantee, escrow, or renewal, extension or replacement thereof for plats approved prior to the effective date of these regula- tions. 29-34.2 Deposit Agreement 1. Deposit Agreement: Deposit agreements shall provide that there shall be deposited with the City: A cash amount not less than the estimate of the cost of the. construction, completion and installa- tion of the improvements indicated on approved improvement plans and approved by the Director of Public Works; or An irrevocable letter of credit which may be renexvable, issued under the then current Uniform Customs and Practice for Documentary Credits, as issued by the International Chamber of Com- merce, payable at a local financial institution, in an amount not less than the approved estimate of the cost of the construction completion and instal- lation of the improvements indicated on the approved improvement plans, with final expira- tion date of not less than six (6) months after the initial period allowed for completion of required improvements, drawn in favor of the of it~e City and guaranteeing to City the availabili.ty, from time to time upon demand, of the balance under the deposit agreement and letter of credit not theretofore released. 2. Pre-Approval of Financial Institution: No financial institution shall be eligible to provide a letter of credit, unless approved in advance by the City Attorney on such terms and criteria as may be estab- lished by the City. 29-34.3 Release/Reduction of Installation Guarantee Obligation~ and Maintenance Guarantee chapt29.fin 4-8 As approved by the Plan Commission on October 22, 1997