(A) Completion of improvements. Before the plat is signed by the designated officials all applicants shall be required to complete, in accordance with the Commission's decision and to the satisfaction of the town engineer, all the streets, sanitary and other public improvements including lot improvements on the individual lots of the subdivision as required in this chapter, specified in the approved construction plan and on the final subdivision plat, and as approved by the Commission and to dedicate the public improvements to the town, free and clear of all liens and encumbrances on the property and public improvements thus dedicated.
(B) Performance bond.
(1) The Commission in its sole discretion may waive the requirement that the applicant complete all public improvements prior to the approval of the final subdivision plat or section thereof, and that in lieu thereof, the applicant shall post bond securable to the Town of Fremont, hereinafter referred to as performance bond, in an amount equivalent to 100% of the estimated cost of completion of the required public improvements. This amount of bond shall be sufficient to secure to the participating jurisdiction the satisfactory construction and installation of the uncompleted portion required public improvements, as provided for in §§ 150.022(G)(1)(a) and 150.023(I)(1) above.
(2) In lieu of a like bond the subdivider may submit a certified check made payable to the Town of Fremont in an amount equivalent to 100% of the estimated cost of completion of the uncompleted portion of required public improvements a provided for in §§ 150.022(G)(1)(a) and 150.023(I)(1) above. Any check shall be held by the Clerk-Treasurer.
(3) (a) In lieu of a like bond the subdivider may submit irrevocable letters of credit in behalf of the subdivider and securable by the town in an amount equivalent to 100% of the estimated cost of completion of the uncompleted portion of required public improvements as provided in §§ 150.022(G)(1)(a) and 150.023(I)(1) above.
(b) In the event an irrevocable letter of credit is used it shall be written for a maximum length of 2 years. The Commission, 2 months prior to the expiration of the letter of credit, shall determine if the public improvements have been accepted for maintenance by the town or other units of government having jurisdiction over them, and if they have not been accepted shall so notify the subdivider of the town's intent to secure the funds pledged by a letter of credit or, at the discretion of the Commission, to grant an extension of the original period fixed by the Commission.
(c) No extension shall exceed 1 year, and the subdivider must file with the Commission a new letter of credit for the period so extended.
(4) In lieu of a bond the subdivider may submit a certificate of deposit made out to the Town of Fremont and the subdivider to be held by the Clerk-Treasurer in an amount equivalent to 100% of the cost of completion of the uncompleted portion of required public improvements as provided for §§ 150.022(G)(1)(a) and 150.023(I)(1) above. The subdivider must endorse the certificate of deposit before submitting it to the Commission so that the town may secure the funds.
(5) (a) A performance bond furnished pursuant to this chapter shall comply with all statutory requirements and shall be satisfactory to the Commission Attorney as to form, sufficiency and manner of execution as set forth in this chapter. (See Appendix A for forms.)
(b) The period within which required public improvements must be completed shall be specified by the Commission in the primary approval of the preliminary plat and shall be incorporated into the bond and shall not in any event exceed 2 years from date of secondary approval.
(c) The bond shall be approved by the participating jurisdiction as to amount. The Commission may, upon proof of difficulty, grant an extension of the completion date set forth in such bond for a maximum period of 1 additional year, provided that the bond submitted for this extension period meets all other requirements herein.
(d) The Commission may, at any time during the term of the bond, accept a substitution of principal of sureties on the bond.
(C) Temporary public improvements.
(1) The applicant shall build and pay for all costs of temporary public improvements required by the Commission and shall maintain same for the period specified by the Commission.
(2) Prior to construction of any temporary public facility or improvement, the subdivider shall file with the Commission a separate suitable bond for temporary facilities. This bond shall ensure that the temporary facilities will be properly constructed, maintained and removed (except for turnaround at ends of the peripheral stub streets intended for connection into adjacent future subdivisions).
(D) Cost of public improvements. All required public improvement shall be made by the applicant at his or her expense without reimbursement by the participating jurisdiction or any public improvement district therein, unless sharing of expenses is agreed upon by the town.
(E) Governmental units. Governmental units to which these bond provisions apply may file a certified resolution or ordinance from officers of agencies authorized to act in their behalf, agreeing to comply with the provisions of this section in lieu of the bond.
(F) Failure to complete public improvements.
(1) For subdivisions for which no performance bond has been posted, if the public improvements are not completed within the period specified by the Commission in the primary approval of the preliminary plat, or the sketch plan in the case of a minor subdivision, the approval shall be deemed to have expired.
(2) In those cases where a performance bond has been posted and the required public improvements have not been installed within the terms of the performance bond, the participating jurisdiction may thereupon request the town to declare the bond to be in default and cause all public improvements to be installed according to secondary approval regardless of the extent of the building development at the time the bond is declared to be in default.
(G) Acceptance of dedication offers.
(1) The approval by the Commission of a subdivision plat shall not be deemed to constitute or imply the acceptance by the town of any street, easement or park shown on the plat.
(2) The Commission may require the plat to be endorsed with appropriate notes to this effect. The approval relates only to the real property itself.
(1996 Code, Chap. 11, § 5.1) Penalty, see § 150.999