(A) Pursuant to I.C. 36-7-4-709, the Plan Commission may grant secondary approval of a plat prior to completion of the improvements required under the primary approval, provided that the petitioner files one or more security instruments with the Clerk-Treasurer, which shall be in an amount determined by the Director of Planning Services and approved by the Plan Commission, as sufficient to complete the required improvements and installations.
(B) Acceptable security instruments include:
(1) A subdivision or performance bond;
(2) A cash bond held in an escrow account;
(3) A certificate of deposit held in the joint names of the petitioner and the town, or assigned to the town;
(4) An irrevocable letter of credit issued to the town, with terms acceptable to the Town Council.
(5) A bond secured with real estate in which the petitioner has marketable fee simple title.
(C) The security instrument that is accepted shall name or run to the Town Council for the estimated time of completion of the improvements, and shall include terms and conditions acceptable to the Board of Public Works and Safety, to ensure that the improvements shall be completed within the allotted time.
(D) Any terms providing for reductions in the face amount of an instrument during the course of installation of improvements shall include a requirement that the Town Council approve any and all reductions.
(Ord. 03-27, 855-25, passed 12-22-2003)