In accordance with G.S. § 160D-804.1, when
the required improvements have not been completed, prior to the submission of the for approval, the approval of the plat be subject to the guaranteeing the installation of the improvements within a two (2) period of time
with extensions possible within a timeframe established by the Subdivision Administrator.
Plans, specifications, quantities, unit costs and estimated total costs be provided by the to the together with any required fee and a schedule indicating time of initiation and completion of the work, as a whole or in stages (see application in Appendix 8) . Estimates must be prepared by a professional engineer, professional land surveyor or landscape architect at the applicant's expense. The guarantee the installation of the improvements by either of the methods described below:
(A)
Filing a performance or surety
, an irrevocable standby letter of credit, or other form of guarantee that provides equivalent security to a surety bond or letter of credit
in the amount of 125% of the cost to complete the work as determined by cost estimates. Portions of the guarantee be by authorization of the released as work progresses.
(B) Depositing or placing in escrow a certified check or cash in an amount equal to 125% of the cost to complete the work as determined by cost estimates amount. Portions of the guarantee be released by authorization of the as work progresses.
(Ord. passed 3-1-2004; Am. Ord. passed 10-13-2005; Am. Ord. 2021-06, passed 4-22-2021)