(A) As provided in § 152.32 (F), the subdivider has the option of either installing all required public improvements prior to final approval of the plat, or, in lieu of installation, posting a bond in an amount sufficient to assure completion of the improvements.
(B) Posting of performance bond. The Plan Commission, at its discretion, may waive the requirement that the applicant complete and dedicate all public improvements prior to the signing of the subdivision plat, and that, as an alternative, the applicant post a performance bond.
(C) Completion of improvement.
(1) The applicant shall build and pay all costs for temporary improvements required by the Plan Commission and shall maintain same for the period specified by the Commission. Prior to construction of any temporary facility or improvement, the developer shall file with the town a separate suitable bond for temporary facilities, which bond shall ensure that the temporary facilities will be properly constructed, maintained, and removed.
(2) For subdivisions for which no performance bond has been posted, if the improvements are not completed within the period specified by the Plan Commission in the resolution approving the plat, the approval shall be deemed to have expired, and the final plat void.
(3) In those cases where a performance bond has been posted but the required improvements have not been installed within the terms of such performance bond, the town may thereupon declare the bond to be in default and require that all the improvements be installed regardless of the extent of the building development at the time the bond is declared to be in default.
(D) Inspection of improvements.
(1) The Plan Commission shall provide for periodic inspection of required improvements during construction to ensure their satisfactory completion.
(2) If the Town Engineer finds upon inspection that any of the required improvements have not been constructed in accordance with the construction standards and specifications, the applicant shall be responsible for correcting any errors in construction and completing the improvements in accordance with the standards and specifications. Wherever the cost of improvements is covered by a performance bond, the applicant and the bonding company shall be severally and jointly liable for completing the improvement according to specifications.
(E) Acceptance of dedication offers.
(1) Acceptance of formal offers of dedication of streets, public areas, easements, and parks shall be by official action of the Town Council.
(2) The approval by the Plan Commission of a subdivision plat shall not be deemed to constitute (or simply the acceptance by the town of any street, easement, or other public areas shown on the plat) acceptance of dedication plats.
(F) Release or reduction of performance bond.
(1) The Town Council shall not accept dedication of required improvements, nor release nor reduce a performance bond, until the Town Engineer has submitted a certificate stating that all required improvements have been satisfactorily completed and until the applicant's engineer has certified to the Town Engineer that the layout of all public improvements are in accordance with construction plans for the subdivision and that the improvements have been completed, are ready for dedication to the local government, and are free and clear of any and all liens and encumbrances. The Town Council shall thereafter accept the improvements for dedication in accordance with the established procedure.
(2) A performance bond may be reduced upon actual dedication and acceptance of public improvements and then only to the ratio that the dedicated public improvements bear to the total public improvements for the plat. In no event shall a performance bond be reduced below 10% of the principal amount.
(Ord. 93-Z-03, passed 3-8-93)