(A) At the discretion of the Commission, the requirements for the completion of improvements as described in § 155.130 of this chapter may be waived provided that the subdivider posts a performance bond in an amount equal to 100% of the value of any improvements remaining to be completed. The value of such work shall be established by the Commission based on a reasonable estimate of construction costs. The bond shall be securable to the town and is intended to provide reasonable assurance to the town of the satisfactory construction of the uncompleted portion of the required public improvements. Under the provisions of accepting a performance bond, the town shall require the applicant to enter into a contract guaranteeing the completion of all public improvements within one year of posting the bond. In the event of unforeseen circumstances, an additional time period for development beyond the one-year requirement may be negotiated.
(B) In lieu of a performance bond, the applicant may provide the town with a certified check in an amount equal to 100% of the estimated cost of completion of the uncompleted portion of the required public improvements.
(C) A performance bond furnished pursuant to this section shall comply with all statutory requirements and shall be satisfactory to the Town Attorney as to form, sufficiency and manner of execution as set forth in this section.
(Ord. 2002-13, passed 9-3-2002)