9-1-1: MULTI-FAMILY AND COMMERCIAL DEVELOPMENT IMPROVEMENT AGREEMENT AND REQUIRED FINANCIAL GUARANTEES:
   A.   Each building permit issued for a multi-family or commercial development shall be accompanied by a signed development improvement agreement. The form of the agreement shall be approved by the town attorney and provided to applicants by the town planning department.
   B.   The development improvement agreement shall be approved by the town council by resolution. The town engineer and/or town planner shall make recommendations to the town council to either accept or reject the terms of a development improvement agreement.
   C.   No planning or building plans shall receive final approval from the town unless the property owner/developer meets the following requirements:
      1.   A development improvement agreement is executed whereby a property owner/developer agrees to construct any required public and/or private improvements shown on planning or building documents together with collateral which is sufficient, in the judgment of the town council, to make reasonable provision for the completion of said improvements in accordance with design standards and specific dates for completion.
      2.   The property owner/developer shall deposit cash or execute a letter of credit in a sum sufficient to cover the estimated costs of the public improvements that will need to be constructed on the property. To account for inflation and cost overruns, the amount deposited shall equal the total estimated cost of the public improvements multiplied by 1.20. A building permit shall not be issued by the town building department until such time as a cash deposit or a letter of credit which complies with the provisions of this code is filed with the town clerk. The town will not accept a bond as security for the required improvement costs.
   D.   Completion time limits: Refer to subsection 9-1-3(E) of this code.
   E.   Defaults, binding effect and assignability: Refer to subsection 9-1-3(D) of this code.  (Ord. 550, Series of 2021)