(A) Completion of improvements. Before the plat is signed by the designated officials, all applicants shall be required to complete, in accordance with the Commission’s decision and to the satisfaction of the Administrator, all the streets, sanitary and other public improvements including lot improvements on the individual lots of the subdivision as required in this chapter, specified in the approved construction plans and on the final subdivision plat, and as approved by the Commission and to dedicate the public improvements to the town, free and clear of all liens and encumbrances.
(B) Performance bond.
(1) The Commission at its discretion may waive the requirement that the applicant complete all public improvements prior to the approval of the final subdivision plat. In lieu thereof, the applicant shall post a bond in favor of the town, hereinafter referred to as a “performance bond”, in an amount equivalent to 110% of the estimated cost of completion of the required public improvements to secure to the town the satisfactory construction and installation of the uncompleted portion of required public improvements, as provided for in §§ 155.032 and 155.033 of this chapter.
(2) Such performance bond shall comply with all statutory requirements and shall be satisfactory to the Commission’s Attorney as to form, sufficiency and manner of execution. The period within which required public improvements must be completed shall be specified by the Commission in the primary approval of the preliminary plat and shall be incorporated into the bond and shall not in any event exceed two years from date of secondary approval. Such bond shall be approved by the Commission as to amount. The Commission may upon proof of difficulty, 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 accept, at any time during the period of such bond, a substitution of principal or sureties on the bond.
(3) In place of such a bond, the applicant may submit a certified check payable to the town in an amount equivalent to 110% of the estimated cost of completion of the uncompleted portion of required public improvements. Any such check shall be held by the Clerk-Treasurer.
(4) In place of such a bond, the applicant may submit irrevocable letters of credit on behalf of the applicant and in favor of the town in an amount equivalent to 110% of the estimated cost of completion of the uncompleted portion of required public improvements. In the event an irrevocable letter of credit is used, it shall be written for a maximum length of two years. Two months prior to the expiration of the letter of credit, the Commission shall determine if the public improvements have been accepted for maintenance by the town. If they have not been accepted, the Commission shall:
(a) Notify the applicant of intent to secure the funds pledged by such letter of credit; or
(b) At the discretion of the Commission, grant an extension for such period fixed by the Commission not to exceed one year, in which event the applicant shall file with the Commission a new letter of credit for the period so fixed.
(5) In place of such a bond, the applicant may submit a certificate of deposit in an amount equivalent to 110% of the cost of completion of required public improvements. Such certificate shall be made out to either the town and/or the applicant and shall be held by the Clerk-Treasurer. If the applicant is named singly or jointly on such certificate, then the applicant must endorse it before submitting it to the Commission so that the town may secure the funds.
(C) Temporary public improvements. The applicant shall build and pay for all costs of temporary public improvements required by the Commission and shall maintain the aforementioned for the period specified by the Commission. Before construction of any temporary public facility or improvement, the applicant shall file with the Commission a separate suitable bond for temporary facilities. Such bond shall ensure that the temporary facilities will be properly constructed, maintained and removed.
(D) Cost of public improvements. All required public improvements shall be made by the applicant at his or her expense without reimbursement, unless sharing of expenses is agreed upon by the town.
(E) Governmental units. Governmental units to which these bond provisions apply may file in place of said bond a certified resolution or ordinance from officers or agencies authorized to act in their behalf, agreeing to comply with the provisions of this section.
(F) Failure to complete public improvements. For subdivisions for which no performance bond has been posted, if the public improvements are not completed within the period specified by the Commission, the approval shall be deemed to have expired. In those cases where a performance bond has been posted and the required public improvements have not been installed within the terms of such performance bond, the town may declare the bond to be in default and cause all public improvements to be installed according to the secondary approval regardless of the progress of development at the time the bond is declared to be in default.
(G) Acceptance of dedication offers.
(1) The approval by the Commission of a subdivision plat shall not be deemed to constitute or imply the acceptance by the town of any street, easement or other improvement shown on said plat.
(2) The Commission may require said plat to be endorsed with appropriate notes to this effect.
(3) The acceptance is that of only the real property itself.
(2004 Code, § 4-501)