(A) Notwithstanding the provisions of § 156.120, pending actual completion of all on-site improvements, a record plat may be approved and recorded if the subdivider enters into a binding commitment with Northampton County to complete the construction of all improvements required by this chapter within a period of time agreed to by the parties, and furnishes to the subdivision agent a certified check, bond with surety satisfactory to Northampton County, or a letter of credit satisfactory to Northampton County, in an amount sufficient for and conditioned upon the construction of the improvements.
(B) The form of the agreement and the type of surety guarantee shall be to the satisfaction of the subdivision agent and be approved by Northampton County Attorney.
(C) The subdivider shall submit a request for a bond estimate to guarantee the installation and completion of said improvements to the subdivision agent, accompanied by a certified engineer's estimate for the construction of all improvements or two guaranteed bids for the same.
(D) The subdivision agent shall determine the amount of the bond, or the letter of credit, after preparing or causing to be prepared a cost estimate of all improvements, based upon unit prices for new public or private sector construction in Northampton County, and a reasonable allowance for estimated administrative costs, including inspection fees required, inflation, and potential damage to existing roads or utilities, which shall not exceed 25% of the estimated construction costs.
(E) In accordance with VA Code § 15.2-2241.1, and notwithstanding the provisions of NCC § 156.001 et seq., provided the developer and the Board of Supervisors have agreed on the delineation of phases within a proposed development, the developer shall not be required to furnish to the governing body a certified check, cash escrow, bond or letter of credit in the amount of the estimated cost of construction of facilities to be dedicated for public use within each section of the development until such time as construction plans are submitted for the section in which such facilities are to be located.
(F) No certified check, cash escrow, bond, letter of credit or other performance guarantee furnished pursuant to this chapter shall be required to apply to, or include the cost of, any facility or improvement, unless such facility or improvement is shown or described on the approved plat or plan of the project for which such guarantee is being furnished. Furthermore, the terms, conditions, and specifications contained in any agreement, contract, performance agreement, or similar document, however described or delineated, between the county and an owner or developer of property entered into pursuant to this chapter in conjunction with any performance guarantee, as described in this subsection, shall be limited to those items depicted or provided for in the approved plan, plat, permit application, or similar document for which such performance guarantee is applicable.
(Ord. passed 11-15-2006; Am. Ord. passed 11-10-2020; Am. Ord. passed 12-8-2020)