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To guarantee the construction and/or maintenance of required improvements prior to approval and recording of the final plat, the subdivider shall be required to provide a performance guarantee in one or a combination of the following arrangements:
(a) Performance Bond, Certified Check or Irrevocable Letter of Credit. The subdivider shall post a bond, executed by a surety company, or a certified check or irrevocable letter of credit equal to the estimated cost plus ten (10) percent of the required improvements. The bond shall be in favor of the City of Harrison, and shall guarantee construction of the improvements according to the plans and specifications approved by the Planning Commission. The term of the bond shall not exceed two (2) years plus a one (1) year maintenance period for a total of three (3) years. The Planning Commission may grant an extension where due cause can be shown. The bond amount can be reduced to a percentage of its original amount during the one year maintenance period. Under no circumstances shall the required performance bond, cash deposit or irrevocable letter of credit be tied to or be considered a portion of the developer's financing for the development.
(b) Contract Documents or Escrow Agreements. Where contract documents or escrow agreements for the proposed improvements are available, copies of such contracts shall be certified to the City Council and, when approved, will constitute sufficient guarantee for the installation of required improvements in lieu of other methods stated above.
(c) Extension of Time. If the installation of any improvements or facility, for which guarantee has been made by the developer in the form of a performance bond, or irrevocable letter of credit is not completed within two years from the date of final approval of the recorded plat, the developer may request the City Council to grant an extension of six months, provided he can show reasonable cause for inability to complete said improvements within the required two years. The request shall be accompanied by revised cost estimate of construction to be completed.
(d) Progressive Installation. The developer may apply for final approval and recording of only a portion of the entire subdivision. Under such a progressive unit development procedure, the installation of required improvements and sale or lease of lots may proceed only on that portion of the subdivision which has been approved and recorded.
(e) Failure to Complete Site Improvements. In the event the developer fails to complete the installation of all improvements according to the terms and conditions of the Agreement, the City, upon proper notice, may complete same and appropriate such portion of bond, check or other guarantee or security posted for the faithful performance of said work.