17-5-4 Performance guarantee
A.   Before a subdivision plat is presented to the council for approval, the subdivider shall post assurances, in a form acceptable to the town attorney, to assure the installation of required street, sewer, electric and water utilities, drainage, flood control, landscaping, park facilities, and other improvements as required meeting minimum standards of design and construction established by this title and the subdivision street standards. The purpose of the assurances shall be to guarantee that the improvements are installed in a timely manner and paid for without cost to the town.
   1.   Financial forms of assurance, including cash, letter of credit, performance bond, or other similar instruments, shall be submitted to the town engineer in an amount equal to the sum of the cost of construction for all required improvements, including surveying, construction management, testing, and inspections, as determined by the town engineer, plus a 15% contingency. A financial form of assurances for the installation of required improvements on private property shall grant to the town adequate property rights as determined by the town engineer and town attorney to allow the town or the town's contractor to complete the installation. Where, in the opinion of the council, the subdivider has failed or neglected to install the required improvements or make required corrections within a timely manner, or to pay all liens in connection with the required improvements, the council may, after a public hearing on the matter, use the proceeds from the assurances to install or cause to be installed the required improvements.
   2.   Third party trust forms of assurance prohibiting the transfer of any individual subdivision lot or block for which required subdivision improvements have not yet been installed, are permitted in lieu of financial forms of assurance.
B.   The town manager is authorized to execute substitute subdivision assurances in a form approved as to substance by the town engineer and approved as to form by the town attorney, if the town manager and town engineer are satisfied that the substitute assurances protect the town to an extent equal to or greater than the original assurances.
   1.   Financial forms of assurance and third party trust forms of assurance may be used as substitute subdivision assurances.
   2.   Permit hold forms of assurance prohibiting the issuance of any building permits on any individual subdivision lot or block for which required subdivision improvements have not yet been installed are permitted as substitute forms of assurance at the discretion of the town engineer and town manager when the town engineer and town manager find that the permit hold form of assurance is an appropriate mechanism to guarantee that required improvements are installed in a timely manner for the development in question.
C.   Before release of assurances of or guarantees for construction or of improvements in existing or proposed public rights-of-way, the following listed documents shall be submitted, where applicable, to the town:
   1.   Formal acceptance and approval of applicable utilities.
   2.   Formal acceptance and approval of sewer line and manhole installation from the owner of the wastewater utility.
   3.   Applicant's surveyor's record of bench marks set and elevations thereof, and certification that all monuments are in place as shown on final plat.
   4.   Certification by a professional engineer that construction has been completed in substantial conformance with approved plans, specifications, and applicable town standards, as established by the town engineer, together with certified as-built plans for all completed construction.
   5.   Certified landscape as-built plans for all irrigation meters, valves, and service lines within the town’s right-of-way.
   6.   Documentation of all recorded easements not dedicated by the plat.
   7.   Filled-out form for release of assurances.
   8.   Bill of sale to the town for installations to be accepted by the town.
   9.   Tabulation and verification of all fees paid to the town for plan and report reviews for construction permits; and payment of any remaining or additional review, permit or inspection fees as required.
   10.   Completed landscape licensing agreement for maintenance of landscaping in the public right-of-way, if applicable.
   11.   One-year warranty for all public infrastructure.
   12.   A pavement preservation assurance, in the amount and form satisfactory to the town engineer.
Ordinance 2023.021 added subparagraphs 17-5-4B.1. and 2. Ordinance 2024.011, adopting changes proposed by Res. 2024-031 amended paragraph C.5.