Chapter 148 SUBDIVISION AND LAND DEVELOPMENT. (updated 7-28-08)
Section 148-25 DEVELOPERS' SECURITIES.
A. All
required on-site and off-site improvements
shall be secured with a performance bond, cash escrow or letter of
credit to
ensure that the required improvements are satisfactorily completed. The
amount
of the security shall be calculated by the Director of Public Works
based on
the projected cost of installation of the improvements. The amount of
such security
shall not exceed the total of the estimated cost of construction based
on unit
prices for new public or private sector construction in the locality
and a
reasonable allowance for estimated administrative costs, inflation, and
potential damage to existing roads or utilities, which shall not exceed
twenty-five percent (25%) of the estimated construction costs. Such
security
shall be payable to and held by the Town. The form of the
security shall
be approved by the Town Attorney.
(Ord.
No. 14-98 Amended
8-10-98-Effective Upon Passage)
(Ord.
No. 04-05
Amended 2-14-05-Effective Upon Passage)
B. Upon
completion of part or all of the individual
facilities covered by a security, the subdivider or developer may
request a
partial or final release of the security as provided below. All such
requests
shall be made in writing and shall be acted upon within thirty (30)
days of
receipt by the Town Council. Requested releases shall be approved
unless the
governing body or its designated administrative agency notifies the
subdivider
or developer, in writing, prior to the expiration of the 30-day period
of the
non-receipt of approval by any applicable state agency or of any
specified
defects or deficiency in construction and the suggested corrective
measures to
be taken. However, not more than three (3) partial releases shall be
permitted
in any 12-month period, and periodic partial releases may not occur
before the
completion of at least thirty percent (30%) of the facilities covered
by the
security. Partial releases shall be granted in such amounts as
represent the
percentage of the facilities and work completed at the time of the
request for
partial release, provided that in no case shall a partial release
result in the
Town retaining less than ten percent (10%) of the original bond until
full and
final completion and acceptance of the facilities covered by the
security. Upon
final completion and acceptance of the facilities covered by the
security, the
governing body or designated administrative agency shall release any
remaining
security. For the purpose of final release, the term "acceptance" is
deemed to mean when said public facility is accepted by and taken over
for
operation and maintenance by the town or such other public authority
which is
responsible for maintaining and operating such a facility upon
acceptance.
1.
Partial releases of securities for road
and/or street improvements may not be considered or granted before the
completion and acceptance of final pavement of any road, street, road
segment
or street segment, and then, upon request, shall be granted in full;
provided
such road, street, road segment or street segment connects to a street
in the
accepted Town street system. For the purpose of this section road
segment and
street segment shall mean the length of any complete road or block
thereof and
shall include all public facilities within the full width of any
right-of-way.
2.
Releases of the portion of securities for
electrical facility improvements shall not be considered or granted
before such
facilities are completed, and then, upon request, shall be granted in
full.
3.
Releases of the portion of securities
for water, sewer, storm sewer and/or drainage facilities shall not be
considered or granted before such facilities are completed, and then,
upon
request, shall be granted in full.
4.
Releases of the portion of securities
for sidewalk and/or curb and gutter facilities shall not be considered
or
granted before such facilities are completed, and then, upon request,
shall be
granted in full.
(Ord.
No. 14-98
Amended (B) 8-10-98-Effective Upon Passage)
(Ord.
04-05 Amended
(B) and Added (1-4) 2-14-05-Effective Upon Passage)
C. For
all securities issued pursuant to Subsection A
and in an original amount of $10,000 or less, the Director of Planning
hereby
is designated as the Town Council's administrative agent for
authorizing
partial and final releases as set forth in Subsection B herein.
(Ord.
No. 14-98 Added
(C) 8-10-98-Effective Upon Passage)
(Ord.
No. 04-05
Amended (C) 2-14-05-Effective Upon Passage)
D.
For the purpose of this section the terms
"developer's securities" and "securities" shall mean any
bond, escrow, letter of credit or other performance guarantee required
by the
Council in a form approved by the Town Attorney and in such amount(s)
approved
by the Director of Planning and/or the Director of Public Works
sufficient to
guarantee the completion of public improvements shown on a subdivision
plat or
site plan and to be completed by the developer as part of the approval
of a
subdivision plat or site plan process.
(Ord. No. 04-05 Added (D) 2-14-05-Effective
Upon Passage)