(a) Guarantees. The developer shall execute financial guarantees and shall file such financial guarantees with Carlisle prior to approval of a development plan or certification of a final plat, if the applicant does not propose to construct the required public improvements or private road prior to receiving certification of the final plat or approval of the development plan. Such guarantees may be in the form of an irrevocable letter of credit or a certified check.
(b) Terms. The terms of such guarantees shall be determined by the Law Director with confirmation by the Engineer.
(c) Amount of Guarantee. The financial guarantees shall be in an amount equal to the estimated total costs of materials and labor required to install or construct the improvements. The Engineer shall determine such costs. When any portion of the improvements has, upon inspection, been found satisfactorily completed, a reduction in the bonds or partial withdrawal of funds equal to the estimated costs of such completed improvements may be authorized.
(d) Agreements.
(1) Where the subdivider chooses to post a performance guarantee in lieu of completion of those physical improvements shown on the approved engineering plan and/or final plat in order to allow recordation prior to completion and acceptance of all required public improvements, he or she shall enter into a subdivision agreement, approved as to content and form by the Law Director, with Carlisle prior to approval of the final plat by the Planning Commission. Carlisle shall provide to the subdivider a sample subdivision agreement during review of the final plat.
(2) When an applicant for a development plan is required to construct the improvements shown on an approved development plan, the applicant shall enter into an agreement, approved as to content and form by the Law Department, with Carlisle prior to approval of the development plan.
(Ord. 8-13. Passed 5-14-13.)