(A) Upon written notification from the Division that the final plat has been approved subject to meeting 1 of the 2 requirements below, and prior to the Chairperson or Secretary of the Planning Commission signing such plat, the subdivider shall furnish to the county or its authorized representative 1 of the following guarantees of construction of all required public improvements:
(1) Completion and acceptance of public improvements in the area covered by the final plat submission;
(2) An agreement to ensure construction of the public improvements.
(B) The agreement for public improvements shall meet the following requirements.
(1) The applicant shall enter into an agreement with the county to provide for the payment by the applicant of the cost of public improvements.
(2) The applicant may not enter into an agreement unless preliminary subdivision approval has been granted and improvement plans have been approved.
(3) By the agreement, the applicant shall guarantee payment of all costs that are to be paid by the applicant for improvement construction by letter of credit or escrow account in the name of and on a form approved by the county plus a contingency of 15% of the construction cost as approved by the Division to assure completion of the proposed project and to fund the administrative cost of the county upon default. An applicant may guarantee payment of stormwater management and public road improvements by use of a surety bond in the name of, on a form approved by, and in accordance with rules approved by the county. Any unused funds shall be returned to the applicant at the acceptance of the construction for the particular project. A release of funds from time to time may be authorized by the county as requested by the applicant to pay invoices for work completed in the installation of the public improvements in the area covered by the final plat.
(4) A completion bond to the county furnished by the contractor shall be required to guarantee the construction of the improvements only if the county is a party to the construction contract.
(5) The applicant shall complete the improvements in accordance with the agreement, or the county may withhold the issuance of all permits or use and occupancy permits until the completion of at least major drainage facilities and the base course of the streets serving the affected lots.
(1959 Code, § 38A-42) (Ord. 84-35-332, 12-11-1984; Ord. 92-14-049, 7-7-1992; Ord. 98-16-218, 6-24-1998; Ord. 10-23-558, 10-19-2010; Ord. 14-23-678, 11-13-2014)