In lieu of completion of all or part of required improvements prior to approval of final plats, the property owner may post a performance guarantee to secure to the city the satisfactory construction and installation of the uncompleted portion of the required improvements in accordance with G.S. 160D-804(1). The performance guarantee shall be in an amount equal to 125% of the estimated cost of the installation of the required improvements, as determined by the city. The performance guarantee shall remain in full force and effect until such time as the construction of improvements are completed and accepted by the city. Failure to maintain the required performance guarantee shall result in the revocation of the approval of the preliminary plat and any permits issued as a result of the preliminary plat approval. The performance guarantee shall be automatically renewed unless all parties agree not to renew it at least sixty (60) days prior to its scheduled expiration date. A temporary construction easement permitting the City of Greenville or its designee(s) to access the property for the purpose of constructing/installing the guaranteed improvements is required to be provided with the performance guarantee. The temporary construction easement shall be valid and shall bind to all successive owners until the guaranteed improvements have been constructed/installed and approved or accepted by the City of Greenville. Said temporary construction easements shall be recorded at the office of the Pitt County Register of Deeds, with recording fees to be paid by the applicant/landowner.
(Ord. No. 1941, § 1, passed 1-12-1989; Ord. No. 21-032, § 1, passed 6-21-2021)