§ 155.160  PUBLIC IMPROVEMENTS AND PERFORMANCE BOND.
   (A)   Completion of improvements.
      (1)   Subsequent to primary approval but before secondary approval all applicants shall be required to complete all the streets, storm sewers, water lines, street signs and other public improvements on and about the individual lots of the subdivision as required in this chapter, specified in the approved subdivision plat, or required by the Commission.
      (2)   The Commission in its discretion may waive the requirement that the applicant complete all public improvements prior to secondary approval of the subdivision plat, and, in lieu thereof, require the applicant to post bond payable to the Town of Beverly Shores, hereinafter referred to as performance bond, in an amount equivalent to 110% of the estimated cost of completion of the required public improvements, assuming a completion date 2 years after the date of secondary approval, which shall be sufficient to secure the satisfactory construction and installation of the public improvements.
      (3)   That in lieu of the bond, the developer may submit a certified check made payable to the Town of Beverly Shores in an amount equivalent to 110% of the estimated cost of completion of the public improvements. Any check shall be held by the Clerk-Treasurer.
      (4)   (a)   That in lieu of a bond, the developer may submit irrevocable letters of credit on behalf of the developer and securable by the Town of Beverly Shores in an amount equivalent to 110% of the estimated cost of satisfactory completion of the public improvements.
         (b)   In the event an irrevocable letter of credit is utilized it shall be written for a maximum length of 1 year and the Commission shall after a period of 10 months determine if the public improvements have been accepted for maintenance by the governmental unit having jurisdiction over the public improvement, and if they have not been accepted, shall so notify the subdivider of intent to secure the funds and then commence procedures to secure the funds pledged by a letter of credit, or at the discretion of the Commission to grant an extension for a period fixed by the Commission not to exceed 1 year, and the subdivider filing with the Commissioner a new letter of credit for the period so fixed.
      (5)   That in lieu of a bond the subdivider may submit a certificate of deposit made out to the Town of Beverly Shores in an amount equivalent to 110% of the cost of satisfactory completion of the public improvements to be deposited by the Clerk-Treasurer in an interest bearing account pending certification of satisfactory completion. Absent certification, the town may use the interest as additional funds for completion of the public improvements.
      (6)   (a)   The performance bond shall comply with all statutory requirements and shall be satisfactory to the Commission Attorney as to form, sufficiency and manner of execution as set forth in this chapter.
         (b)   The period within which required public improvements must be completed shall be specified by the Commission in the resolution granting primary approval and shall be incorporated into the bond and shall not in any event exceed 1 year from date of secondary approval.
         (c)   The bond shall be approved by the Plan Commission as to amount. The Commission may, upon proof of difficulty, grant an extension of the completion date set forth in the bond for a minimum period of 1 additional year, provided that the bond submitted for this extension period meets all other requirements herein.
         (d)   The Commission may at any time during the period of the bond accept a substitution of principal or sureties on the bond.
      (7)   The security referred to in divisions (A)(1) through (6) above shall not be released until the Building Commissioner certifies that the public improvements have been completed in accordance with the grant of primary approval.
   (B)   Effective period of primary approval.
      (1)   Unless extended, primary approval shall be effective for a period of 1 year at the end of which time secondary approval on the subdivision must have been obtained and certified by the President and Secretary of the Commission.
      (2)   Any plats not receiving secondary approval within the period of time set forth herein shall be null and void and the developer shall be required to resubmit a new plat for primary approval subject to all new zoning restrictions and subdivision regulations.
      (3)   Upon request of the applicant, the Commission may extend the period of primary approval in increments of 6 months beyond an expiration date without further notice and public hearing.
   (C)   Zoning ordinances. Every plat shall conform to existing zoning ordinances and subdivision regulations applicable at the time of primary approval, except that any application for primary approval proper in form shall be exempt from any subsequent amendments to the zoning and subdivision ordinances which would otherwise render the plat nonconforming as to size, shape or use.
   (D)   Model homes.
      (1)   For the purpose of allowing the early construction of model homes in a subdivision, the Commission, in its discretion, may permit a portion of a major subdivision involving no more than 2 lots to be created in accordance with the procedures for minor subdivisions, provided that the portion derives access from an existing public street, and provided that no further road or other improvements are anticipated where the lots are proposed.
      (2)   The subdivision plat for the minor portion shall be submitted to the Commission simultaneously with the application for primary approval for the entire major subdivision. Subsequent to the primary approval, the model home(s) may be constructed, subject to additional requirements that the Commission may require.
   (E)   Assurance for maintenance.
      (1)   General requirements. The applicant shall be required to maintain all improvements on the subdivided areas and, if required, provide for snow removal and traffic control on streets and sidewalks until acceptance of the improvements by the Town Council.
      (2)   Posting of maintenance bond. The applicant shall be required to file a maintenance bond with the Town Council, prior to dedication, in an amount considered adequate by the local Building Commissioner, in order to assure the satisfactory condition of the required improvements on the individual subdivided lots for a period of 5 years after the date of their acceptance by the Town Council and dedication of same to the local government.
(Ord. 208, passed 12-19-1983)  Penalty, see § 155.999