(A) Installation of improvements. Once the preliminary plat has been approved, and the construction plans reviewed and approved by the town, the subdivider can begin development activities on the site. All construction plans shall be sealed by a licensed engineer in the state. All water and sewer lines, roads, drainage plans shall be approved by the town to ensure compliance with the sewer and water policies, State Department of Transportation, secondary road standards or other applicable development standards.
(B) Improvements installed prior to submittal of final plat. Before a final plat is eligible for review by the staff and approval by the Planning Board, all site improvements shall be installed or guarantees approved as specified below in division (E) below.
(C) Performance guarantees. If a subdivider wants to record a final plat without installing all the required site improvements, the town may accept a guarantee for those improvements.
(D) Defects guarantees. The town shall require a bond guaranteeing utility taps, curbs, gutters, street pavement, sidewalks, drainage facilities, water and sewer lines and other improvements against defects for one year from the date of acceptance by the town. Within the final 30 days prior to the expiration of the one-year defects guarantee, the town shall inspect the project to ensure it is in good working order.
(E) Types of guarantees. Types of guarantees include, but are not limited to, the following:
(1) A surety bond by a surety company licensed to do business in the state;
(2) Certified check to be cashed by the town with the proceeds held in an escrow account; or
(3) Letter of credit from a bank licensed in the state. Such guarantees shall be in an amount of 150% of the estimated cost of the required improvements. All estimates shall be prepared by an engineer licensed in the state and submitted to the Town Manager. Performance guarantees shall be approved by the Town Board of Commissioners, or the Town Manager if authorized by them. The guarantees shall run for one year and can be renewed. As work progresses, a percentage equal to the completed phase’s cost can be released. To avoid unnecessary administrative cost, the town may release guarantees only when the project is 25%, 50%, 75% or 100% completed.
(Ord. passed 1-4-2000)