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(a) In addition to the reductions in financial guarantees allowed by § 9-310, a developer may request a reduction in the financial guarantee when the only community facilities remaining to be constructed in a residential development are streetlights.
(b) To be eligible for a reduction in the financial guarantee under this section:
(1) The construction and final inspection of all Community facilities in the CFA, except streetlights, must be completed;
(2) The construction of all streetlights must be completed and the streetlights only require a connection to a permanent source of electrical power and final inspection by the city;
(3) The contract between the developer and the developer's contractor for the construction of streetlights must not include the construction of any other community facilities;
(4) The remaining financial guarantee for the CFA must cover 125% of the cost of constructing the streetlights; and
(5) The developer shall pay to the city the CFA amendment fee set forth in § 2-321 of the city code unless:
a. A separate financial guarantee for the streetlights, other than a completion agreement, was provided to the city when the CFA was executed; or
b. The developer previously provided a separate financial guarantee for the streetlights, other than a completion agreement, as authorized by this chapter.
(c) The developer shall connect the streetlights to the electricity provided by an electric utility company within 30 days of an electric utility company providing power to the development.
(d) The streetlights must pass a final inspection before the streetlights will be accepted by the city and the financial guarantee for the streetlights is released by the city.
(e) A reduction in a financial guarantee for streetlights:
(1) Allows the plat hold for the CFA to be released;
(2) Allows building permits to be issued if all other requirements of the city for the issuance of building permits have been met; and
(3) Allows the community facilities being constructed pursuant to a CFA, other than the streetlights, to be accepted by the city when all requirements for approval of those community facilities have been met.
(Ord. 23656-05-2019, § 1, passed 5-7-2019, eff. 6-1-2019)
(a) The developer may request that a completion agreement be replaced with a different type of financial guarantee.
(b) The completion agreement may only be replaced after:
(1) The value of the community facilities that have previously been constructed pursuant to the CFA have been verified by the city's inspectors to have been constructed in accordance with the engineering plans; and
(2) The city has received an affidavit and release of lien executed by the contractor indicating that the contractor has been paid by the developer and the contractor has paid all subcontractors and material suppliers for the value of the community facilities that have previously been constructed pursuant to the CFA.
(c) The financial guarantee that replaces the completion agreement must be in the amount of 125% of the value of the remaining community facilities to be constructed pursuant to the CFA. If a development bond is used, the bond must be in the amount of 100% of the value of the remaining community facilities to be constructed pursuant to the CFA.
(d) The developer must pay the CFA amendment fee to the city before the completion agreement may be replaced with another type of financial guarantee.
(Ord. 23656-05-2019, § 1, passed 5-7-2019, eff. 6-1-2019)
(a) A phased CFA allows a developer constructing a multi-phased development to construct subsequent phases of the development before construction of the community facilities for the previous phases have been completed and accepted by the city. A phased CFA is also allowed when one developer is constructing two different developments and would like to simultaneously construct the community facilities in the two developments that will be connected to each other.
(b) The developer or design engineer must notify the city on the CFA application and on the IPRC checklist that the CFA will be a phased CFA.
(c) The IPRC plans for a phased CFA may be reviewed simultaneously with the review of the plans for the parent project regardless of whether the parent project includes on-site or off-site community facilities.
(d) The parent project and the phased CFA must be constructed by the same developer.
(e) Any type of financial guarantee a developer is authorized by this chapter to use may be used for a phased CFA.
(f) If the phased CFA is for a residential development, the city will not record the final plat related to the phased CFA until the Community facilities being constructed pursuant to the phased CFA have been constructed and accepted by the city.
(g) If the phased CFA is for a commercial development, the city will not issue a certificate of occupancy for any buildings until the community facilities being constructed pursuant to the phased CFA have been completed and accepted by the city.
(h) The developer must notify all of the developer's contractors performing work on the phased CFA that the developer has elected to construct a phased CFA, the provisions relating to phased CFAs in the community facilities agreement, the risks associated with a phased CFA, and that the city will not bear any responsibility for the developer's decision to proceed with a phased CFA. The developer will be responsible for resolving any disputes between contractors performing work on the parent project and contractors performing work on the phased CFA. Technical conflicts relating to connection of the community facilities between the parent project and the phased CFA are part of the at-risk nature of a phased CFA and the developer must resolve all conflicts.
(i) A developer may not make the final connection of the community facilities in the phased CFA to the community facilities in the parent project until the community facilities in the parent project have been constructed and accepted by the city and the city has consented to the developer making the connection.
(j) The developer of a phased CFA must assume all risks associated with a phased CFA and must indemnify, defend and hold the city harmless for the construction of the community facilities pursuant to a phased CFA and the developer's decision to construct community facilities pursuant to a phased CFA.
(Ord. 23656-05-2019, § 1, passed 5-7-2019, eff. 6-1-2019)
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