The town shall require a performance and maintenance bond in the amount of 5% of the approved site development improvements, which shall be posted prior to construction commencement. The town shall enforce any required improvement or maintenance bond by resort to legal and equitable remedies if required improvements have not been satisfactorily installed in accordance with the approved site development plan, unless extended by the Town Council for cause and provided the surety consents to the extension. The town shall notify the owner of the project a minimum of 60 calendar days prior to the expiration of the improvement or maintenance bond. The owner of the property shall have all improvements complete, or ensure proper maintenance of the improvements, a minimum of 30 calendar days prior to the expiration of the improvement or maintenance bond or request an extension and renew the bond. Upon satisfactory completion of the approved improvements, the bond will be returned to the owner of the bond.
(Ord. 2002-03, passed 6-25-2002)