(A) At the discretion of the Commission, the requirements for completion of improvements as described above may be waived provided that the subdivider shall post a performance bond in an amount equal to 100% of the cost of any improvements remaining to be completed. The cost of such work shall be determined or ascertained by the Town Engineer in coordination with the Building Inspector, and recommended to 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 completion of all public improvements within one year of posting of the bond.
(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 required public improvements.
(C) In the event of unforeseen circumstances, an additional time period for development beyond the one year requirement may be negotiated.
(D) A performance bond furnished pursuant to this chapter 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 chapter.
(Ord. 2005-5, passed 6-7-2005)