(A) Upon approval of the preliminary plat by the Planning Board (or the Town Commissioners in the event of an appeal), the subdivider may proceed with the preparation of the final plat, and the installation of or arrangement for required improvements in accordance with the approved preliminary plat and the requirements of this chapter. Prior to approval of a final plat, the subdivider shall have installed the improvements specified in this chapter or guaranteed their installation as provided herein. No final plat will be accepted for review by the Planning Board or the Town Commissioners unless accompanied by written notice from the Town Manager and/or Town Engineer acknowledging compliance with the improvement and guarantee standards of this chapter. The final plat shall constitute only that portion of the preliminary plat which the subdivider proposes to record and develop at that time; such portion shall conform to all requirements of this chapter.
(B) Where the required improvements have not been completed prior to the submission of the final plat for approval, the approval of said plat shall be subject to the subdivider guaranteeing the installation of said improvements in one of the following methods:
(1) Filing a performance or surety bond in an amount to be determined by the town. The bond shall be payable to the town, and its duration shall be until such time as the improvements are accepted by the Town Commissioners.
(2) Depositing or placing in escrow a certified check or cash in an amount to be determined by the town. Portions of the security deposit may be released as work progresses.
(3) Entering into an agreement with the town guaranteeing the completion of the required work, said agreement to be binding on subsequent purchasers of the property and to be recorded at the option of the town. The agreement shall provide that satisfactory security be furnished guaranteeing the completion of the necessary improvements before each section is developed.
(Ord. 01-2000, passed 6-27-00)