(A) Completion of improvements. Before the plat is signed by the designated officials all applicants shall be required to completed, 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 on the property and public improvements thus dedicated.
(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, and that in lieu thereof, the applicant shall post bond securable to the town hereinafter referred to as performance bond, in an amount equivalent to 110% of the estimated cost of completion of the required public improvements, which shall be sufficient to secure to the town the satisfactory construction and installation of the uncompleted portion of required public improvements.
(2) In lieu of such a bond the subdivider may submit a certified check made 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.
(3) In lieu of such a bond the subdivider may submit irrevocable letters of credit in behalf of the subdivider and securable by 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 and the Commission, two months prior to the expiration of the letter of credit, shall determine if the public improvements have been accepted for maintenance by the town, and if they have not been accepted shall so notify the subdivider of intent to secure the funds pledged by such letter of credit, or at the discretion of the Commission, to grant an extension for such period fixed by the Commission not to exceed one year, and the subdivider filing with the Commission a new letter of credit for the period so fixed.
(4) In lieu of such a bond the subdivider may submit a certificate of deposit made out to either the town and/or the subdivider, to be held by the Clerk-Treasurer and in an amount equivalent to 110% of the cost of completion of the uncompleted portion named singly or jointly on such certificate, then the subdivider must endorse it before submitting it to the Commission so that the town may secure the funds.
(5) Such performance bond shall comply with all statutory requirements and shall be satisfactory to the Town's Attorney as to form, sufficiency, and manner of execution as set forth in this chapter. 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 at any time during the period of such bond accept a substitution of principal or sureties on the bond.
(C) Temporary public improvements. The applicant shall build and pay for all costs of temporary public improvements required by the Commission and shall maintain same for the period specified by the Commission. Prior to construction of any temporary public facility or improvement, the subdivider shall file with the Commission a separate suitable bond for temporary facilities, which bond shall insure that the temporary facilities will be properly constructed, maintained, and removed (except for turnaround intended for connection into adjacent future subdivisions).
(D) Cost of public improvements. All required public improvements shall be made by the applicant at his expense without reimbursement, unless sharing of expenses is agreed upon by the town.
(E) 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 in the primary approval of the preliminary plat, or the sketch plan in the case of a minor subdivision, 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 the extent of the building development at the time the bond is declared to be in default.
(F) Acceptance of dedication offers. 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. The Commission may require the plat to be endorsed with appropriate notes to this effect. Public improvements shown on the plat, or otherwise, must be presented to and accepted by the Council.
(Ord. 174, § 500, passed 6-11-90; Am. Ord. 320, passed 5-17-04)