Project infrastructure refers to the improvements, such as water and wastewater lines, streets and roads, stormwater management facilities, sidewalks and street lighting, which are necessary to sustain the intended use of a project.
(A) Construction of project infrastructure. Upon approval of the final development plan by the Board, the applicant shall proceed with the construction of project infrastructure, including but not limited to, streets, water and sewer facilities, drainage, sedimentation and erosion control facilities, and lighting. Except as provided in division (B) below, and prior to issuance of a building permit, the applicant shall complete, install and provide for the dedication of all project infrastructure as specified on the approved final development plan. The applicant shall certify the dedication of said improvements in a form acceptable to the town. All construction undertaken pursuant to the final development plan shall be inspected and approved by the Town of Franklin and/or appropriate local, state, and federal agencies prior to issuance of a certificate of occupancy for the development.
(B) Guarantee in lieu of construction of Project infrastructure.
(1) In lieu of requiring the completion, installation and dedication of all project infrastructure prior to the issuance of a building permit, the town may accept a bond with approved surety or a letter of credit payable to the Town of Franklin in an amount equal to 125% of the estimated cost of the installation of the required improvements, whereby the improvements may be constructed and utilities installed without cost to the town in the event of default of the developer.
(2) The letter of credit or bond shall remain in full force and effect until such time as the construction of project infrastructure is completed and accepted by the town. No bond or letter of credit may be called without 60-days prior written notice to the town. Failure to maintain in effect a town-approved financial guarantee of any incomplete improvement shall suspend the approval of the plan and any permits issued as a result of the plan approval.
(3) All financial guarantees must contain language requiring the completion of all project infrastructure as shown on the approved final development plan and the guarantee of these improvements for an 18-month warranty after they have been accepted by the town. All financial guarantees must either be issued from a financial institution incorporated in the State of North Carolina or be redeemable at a financial institution incorporated in the State of North Carolina.
(Ord. passed 10-1-07)