(A) Before the secondary plat is signed by the President and Secretary of the Plan Commission, the subdivider shall post a performance bond or irrevocable letter of credit in a form acceptable to the Plan Commission in which the subdivider covenants to complete unfinished streets, sanitary piping, storm water piping systems, water mains, and ornamental landscaping in common areas, and erosion control no later than two years following the date on which the President and Secretary of the Plan Commission sign and certify the secondary plat. The subdivider shall covenant to maintain each required improvement and also shall warrant that all required improvements will be free from defects for a period of three years following the acceptance by the town of the dedication of the last completed improvement. The performance bond shall provide that the covenants contained in the performance bond shall run with the land and bind all heirs, executors, administrators, successors and assigns of the subdivider. The performance bond shall contain such other terms and conditions as agreed to by the subdivider and the Plan Commission.
(B) The subdivider shall provide a performance bond or irrevocable letter of credit meeting the requirements of the foregoing subsection (A) before the seal of the Plan Commission is affixed and attached to the secondary plat. The performance bond or irrevocable letter of credit posted hereunder shall be released upon completion to the satisfaction of the town of the subject matter upon which the instrument was obtained. The performance bond or irrevocable letter of credit shall be partially released on an annual basis, or on a more frequent basis in accordance with a partial release schedule agreed to in a signed writing by the Director and the subdivider either before or during development.
(Ord. 22-97, passed - -1997; Ord. 28-2019, passed 10-28-2019; Ord. 04-2020, passed 2-10-2020)