Approval of the final plat shall be subject to the subdivider having installed the improvements herein designated or having guaranteed, to the satisfaction of the city, the installation of the improvements. All improvements required herein shall be at the expense of the developer and may not be financed by the city's assessment program.
(A) Street improvements. The following requirements shall apply to all streets within the corporate limits of the city.
(1) Grading and drainage. All streets shall be graded to their full right-of-way width and properly drained of all storm water by the construction of necessary ditches, culverts, and storm sewers. No drainage may be connected to the sanitary sewer system. Finished grades of street centerline, ditches, culverts, and storm sewers, including street cross sections, shall be approved by the City Engineer.
(2) Paving. Road base and paving shall be installed in accordance with the city specifications and standards, to a minimum width of 20 feet wide paving.
(3) Where any street of a subdivision is a continuation of an existing curb and guttered street, a continuation of the curb and gutter is required on all lots abutting that street.
(B) Sidewalks shall be installed as required in Chapter 92 and in accordance with city specifications and standards.
(C) Utilities. All lots shall be served by water distribution lines, necessary fire hydrants, and sanitary sewers, as designed by a registered professional engineer according to city standards and specifications, and approved by the City Engineer. Should private water or sewerage systems be provided, they shall meet the requirements of the North Carolina Division of Health Services.
(D) Guarantee of improvements. Where all the required improvements, excluding erosion and stormwater control improvement, have not been completed prior to the submission of the plat for final approval, the approval of the plat shall be subject to the subdivider providing a performance guarantee for the installation of the improvements in one of the following methods.
(1) Bond. Filing a performance or surety bond in an amount to be determined by the city, equal to the estimated cost of completion of approved improvements or not exceeding 120% of estimated costs.
(2) Letter of credit for the estimated cost of completion, issued by any financial institution licensed to do business in this state.
(3) Cash deposit. Depositing or placing in escrow a certified check or cash in an amount to be determined by the city equal to the estimated cost of completion of approved improvements or not exceeding 120% of estimated costs. Portions of the security deposit may be released as work progresses.
(4) Agreement. Entering into an agreement with the city guaranteeing the completion of the required work, the agreement to be binding on subsequent purchasers of the property, and to be recorded at the option of the city. The agreement shall provide that satisfactory security be furnished guaranteeing the completion of the necessary improvements before each section is developed.
(E) Amount of performance guarantee. The amount of the performance guarantee shall not exceed 120% of the reasonably estimated cost of completion at the time the performance guarantee is issued. The local government may determine the amount of the performance guarantee or use a cost estimate determined by the developer. The reasonably estimated cost of completion shall include 100% of the costs for labor and materials necessary for completion of the required improvements. Where applicable, the costs shall be based on unit pricing. The additional 20% allowed under this division includes inflation and all costs of administration regardless of how such fees or charges are denominated. The amount of any extension of any performance guarantee shall be determined according to the procedures for determining the initial guarantee and shall not exceed 120% of the reasonably estimated cost of completion of the remaining incomplete improvements still outstanding at the time the extension is obtained.
(F) Duration. The duration of the performance guarantee shall initially be one year, unless the developer determines that the scope of work for the required improvements necessitates a longer duration. In the case of a bonded obligation, the completion date shall be set one year from the date the bond is issued, unless the developer determines that the scope of work for the required improvements necessitates a longer duration.
(G) Extension. A developer shall demonstrate reasonable, good-faith progress toward completion of the required improvements that are secured by the performance guarantee or any extension. If the improvements are not completed to the specifications of the local government, and the current performance guarantee is likely to expire prior to completion of the required improvements, the performance guarantee shall be extended, or a new performance guarantee issued, for an additional period. An extension under this division shall only be for a duration necessary to complete the required improvements. If a new performance guarantee is issued, the amount shall be determined by the procedure provided in division (D)(3) of this section and shall include the total cost of all incomplete improvements.
(H) Release. The performance guarantee shall be returned or released, as appropriate, in a timely manner upon the acknowledgement by the local government that the improvements for which the performance guarantee is being required are complete. The local government shall return letters of credit or escrowed funds upon completion of the required improvements to its specifications or upon acceptance of the required improvements, if the required improvements are subject to local government acceptance. When required improvements that are secured by a bond are completed to the specifications of the local government, or are accepted by the local government, if subject to its acceptance, upon request by the developer, the local government shall timely provide written acknowledgement that the required improvements have been completed.
(I) Legal responsibilities. Performance guarantees shall only be used for satisfactory completion of required improvement, not repairs or maintenance after completion. No person shall have or may claim any rights under or to any performance guarantee provided pursuant to this section or in the proceeds of any such performance guarantee other than the following:
(1) The local government to whom the performance guarantee is provided.
(2) The developer who requested the performance guarantee.
(3) The person or entity issuing the performance guarantee for developer.
(‘58 Code, § 14-1l) (Am. Ord. 94-20, passed 9- 19-94; Am. Ord. 16-48, passed 11-21-16; Am. Ord. 19-26, passed 8-5-19; Am. Ord. 21-02, passed 1-19-21; Am. Ord. 21-26, passed 7-12-21)