(A) If the subdivider elects to install all improvements, including traffic-control devices, before he or she applies for secondary plat approval and it is shown to the satisfaction of the Plan Commission that the conditions of this chapter have been met, and if the secondary plat conforms substantially to the plat that received primary approval, the subdivider is exempt from the remaining provisions of this section of the chapter provided, however, that said application for secondary approval is made within 12 months of primary plat approval without the granting of extensions. Moreover, if the above conditions are met, the Plan Commission shall have no other course than to give secondary plat approval within 30 days after application for secondary approval.
(B) If the subdivider elects to apply for secondary approval prior to the complete installation of all basic and street improvements that received primary approval, then in lieu thereof, the subdivider shall file with the Plan Commission a bond or irrevocable letter of credit guaranteeing that the improvements will be completed as hereinafter set forth.
(1) If the subdivider elects to file a bond with the Commission to assure completion of all basic and street improvements required by the Commission, such bond shall:
(a) Be securable to the town;
(b) Be in an amount determined by the Plan Commission to be sufficient to complete the improvements required; and
(c) Provide surety satisfactory to the Plan Commission.
(2) Any funds received from these bonds shall be used by the town only for the purpose of making the improvements and installations for which the bond was provided. These proceeds of the bond may be used for these purposes without appropriation.
(3) Such performance bond shall comply with all statutory requirements and shall be satisfactory to the Commission as to form, sufficiency and manner of execution. The period within which public improvements must be completed shall not exceed two years from date of secondary approval. The Plan Commission may grant an extension of the completion date set forth in such bond for a maximum period of one additional year, provided that the bond submitted for this extension period meets all other requirements herein. The Commission may at any time during the period of such bond accept a substitution of principal or sureties on the bond as hereinafter provided.
(C) (1) Instead of a bond, the subdivider may submit an irrevocable letter of credit issued by a financial institution acceptable to the Commission and securable to the town in an amount equivalent to 100% of the estimated cost of completion of the uncompleted portion of street and sidewalk improvements.
(2) In the event an irrevocable letter of credit is used, it shall be written for a minimum period of one year for street improvements other than sidewalks and two years for sidewalks and a maximum of two years for street improvements other than sidewalks and three years for sidewalks. Two months prior to the expiration date of the irrevocable letter of credit, the Commission shall determine if the street and sidewalk improvements have been completed and accepted for maintenance and/or acknowledgment of completion by the town, and if they have not been accepted or acknowledged shall so notify the subdivider of his or her options which are:
(a) If the subdivider has not exceeded the allowed maximum two years for street improvements other than sidewalks and three years for sidewalks, he or she may have his or her engineer submit a certified report of percentage of street construction and sidewalk completion yet to be finished and the dollar amount required to complete the work. This submittal must be made to the Commission office a minimum of 30 days prior to the expiration date of the irrevocable letter of credit. The Town Engineer shall make an inspection to verify said engineer’s certification. Once the Town Engineer gives his or her written approval the subdivider may submit a new irrevocable letter of credit a minimum of ten days prior to the expiration date of the one being replaced. This new irrevocable letter of credit shall not be for a period of not less than one year, and in the amount as directed by the Town Engineer; and
(b) Should the developer not submit a replacement irrevocable letter of credit in the manner previously described, the town shall secure the funds pledged by the expiring irrevocable letter of credit.
(Ord. 2001-15, passed 8- -2001)