(A) Purpose. A development agreement is intended to provide guarantees to the town and developer addressing the provision of public improvements, the phasing of development and other conditions of development when an applicant chooses to record a plat prior to completing improvements or plat contiguous land holdings in multiple phases.
(B) Applicability. Where the minimum required public improvements for a plat are not complete prior to recording the plat, a development agreement shall be entered into by the developer and town to guarantee the completion of such improvements within the time specified therein. A development agreement shall be required for planned unit developments or other multi-phase projects that require the coordination between the timing of development and the provision of public improvements. Such agreement shall be required prior to recordation of the first plat for the affected property.
(C) Covenants to run with the land. Development agreements shall bind all successors, heirs and assignees of the applicant, and be recorded with the Office of Rutherford County Register of Deeds.
(D) Other contents of the development agreement. The Board of Commissioners may include any of the following within a development agreement: performance guarantee for public improvements; phasing plans; project specific development standards or review procedures; or other matters that the Board of Commissioners find are appropriate to ensure that the development proceeds in accordance with approved plans.
(E) Temporary improvements. The applicant shall construct, pay for and maintain any temporary improvements required by the town, such as, but not limited to streets, turnouts or utilities to facilitate emergency services and life safety operations.
(F) Governmental units. Governmental units to which these improvement and security provisions apply may file, in lieu of a development agreement and security, an ordinance or similar document, agreeing to be bound by the provisions of these regulations.
(G) Decision maker. The Board of Commissioners shall approve, approve with conditions, or deny the development agreement.
(H) Guarantor. The guarantor of any escrow or bond shall be reviewed by the Town Attorney prior to approval by Board of Commissioners.
(Ord. passed - -)