§ 155.053 FINANCIAL GUARANTEES.

   (A)   Financial guarantees shall be required for all proposed incidental improvements not completed prior to signing of the secondary plat by the Plan Commission for all completed improvements as required by the subdivision control regulations.

   (B)   A maintenance bond shall be required prior to signing of the secondary plat by the Plan Commission and shall:

      (1)   Run to the town from the developer;

      (2)   Be in an amount not less than 20% of the cost of all improvements and installations as required by §§ 156.090 through 156.098;

      (3)   Be with surety satisfactory to the town;

      (4)   Warrant the workmanship and all materials used in the construction, installation and completion of the improvements, and installations to be of good quality and to have been constructed and completed in a workmanlike manner in accordance with the standards, specifications and requirements of this chapter and the plans and specifications submitted to the Plan Commission;

      (5)   Provide that for a period of not less than 36 months after the installations and improvements have been completed or are accepted for public maintenance by the town, the applicant will, at his or her own expense, make all repairs to the improvements and installations or the foundations thereof, which may become necessary by reason of improper workmanship or materials; and

      (6)   Bear an “A” rating or better as ranked by a reputable insurance rating firm to the satisfaction of the town.

   (C)   A performance bond shall be required prior to the beginning of construction by and shall:

      (1)   Run to the town from the developer;

      (2)   Be in an amount equal to 125% of the cost of all incidental improvements and installations as required by §§ 156.090 through 156.098. All improvements and installations as required in §§ 156.090 through 156.098, except for incidental improvements, shall be completed and approved prior to signing of the secondary plat.

      (3)   Be with surety satisfactory to the town;

      (4)   Be valid and effective until the improvements are installed to the satisfaction of the town at which time all required maintenance bond(s) shall be posted for a period of not less than 36 months; and

      (5)   Bear an “A” rating or better as ranked by a reputable insurance rating firm to the satisfaction of the town.

   (D)   Cash bonds or other negotiable securities that are acceptable and assigned to the town may be posted with the town in lieu of the performance bond.

   (E)   Town staff may grant exception(s) to the provisions of this section.

(Ord. 2020-1D, passed 1-6-20)