(A) In the event that the required improvements have not been completed prior to the submission to the Planning Board of the final plat for a major subdivision, or the submission of a minor subdivision plat for signature and recording, the developer shall guarantee the completion of the required improvements in an amount equal to 150% of the estimated cost of the improvements, conditional upon completion within a reasonable period of time and to the satisfaction of the Board of County Commissioners.
(1) One of the following methods may be pursued by the developer to ensure the installation of the improvements:
(a) Filing a performance or surety bond in an amount approved by the Board of County Commissioners;
(b) Depositing or placing in escrow a certified check or cash in an amount satisfactory to the Board of County Commissioners; or
(c) Furnishing an irrevocable letter of credit guaranteeing payment to Vance County in the event of default.
(2) Neither a bond, irrevocable letter of credit, nor certified check in escrow shall be required if the developer proves that he or she has paid the utility company(s) the amount of money needed to install the utilities in a timely manner.
(3) Neither a bond, irrevocable letter of credit nor certified check in escrow shall be required of the developer if the utility company(s) state in writing that the utilities will be installed at no cost to the developer nor new lot owner(s).
(B) When the required improvements have been completed to the satisfaction of the appropriate agencies and the subdivision ordinance, the Planning Director shall make a request in writing to the County Manager to release the bond, letter of credit or funds from escrow.
(C) The approval of a final plat pursuant to regulations adopted herein shall not be deemed to constitute or effect the acceptance by the county, any governmental unit or public body of the dedication of any street or other ground, public utility line or other public facility shown on the plat.
(Ord. passed 6-7-2004, § 601)