New Franklin Subdivision Regulations Recommended by Commission ordinance (§ 410.015)

A. The Planning Commission shall recommend and the Board of Aldermen may by ordinance adopt regulations governing the subdivision of land within its jurisdiction.

B. The regulation may include requirements as to the extent and the manner in which the streets of the subdivision or any designated portions thereto shall be graded and improved as well as including requirements as to the extent and manner of the installation of all utility facilities. Compliance with all of these requirements is a condition precedent to the approval of the plat. The regulations or practice of the Board of Aldermen may provide for the tentative approval of the plat previous to the improvements and utility installations; but any tentative approval shall not be entered on the plat.

The regulations may provide that, in lieu of the completion of the work and installations previous to the final approval of a plat, the Board of Aldermen shall accept, at the option of the developer, an escrow secured with cash or an irrevocable letter of credit deposited with the City. The City may accept a surety bond, and such bond shall be in an amount and with surety and other reasonable conditions, providing for and securing the actual construction and installation of the improvements and utilities within a period specified by the Board of Aldermen and expressed in the bond. The release of any such escrow, letter of credit, or bond by the City shall be as specified in this Section. The Board of Aldermen may enforce the escrow or bond by all appropriate legal and equitable remedies. The regulations may provide, in lieu of the completion of the work and installations previous to the final approval of a plat, for an assessment or other method whereby the Board of Aldermen is put in an assured position to do the work and make the installations at the cost of the owners of the property within the subdivision. The regulations may provide for the dedication, reservation or acquisition of lands and open spaces necessary for public uses indicated on the City plan and for appropriate means of providing for the compensation, including reasonable charges against the subdivision, if any, and over a period of time and in a manner as is in the public interest.