9-1-2: SINGLE-FAMILY AND DUPLEX DEVELOPMENT IMPROVEMENTS AND FINANCIAL GUARANTEES:
   A.   Deposit: Each permit issued for single-family dwelling, a duplex dwelling, extensive exterior remodels or additions shall be accompanied by a signed deposit agreement and a total deposit of two thousand dollars ($2,000.00). The funds shall be divided equally between the completion of the building exterior ($1,000.00) and the landscaping/revegetation, erosion control/drainage and parking areas ($1,000.00). The form of the agreement shall be provided by the town planning department. The town shall place the deposit into an account at a bank of its choosing. The funds shall remain on deposit until such time that the building exterior and site improvements (landscaping/revegetation, erosion control/drainage, and parking areas) are completed in compliance with the approved building exterior plan and approved site plans.
   B.   Project Completion: If such building exterior work is completed within twelve (12) months from the date of issuance of the building permit, the one thousand dollars ($1,000.00) of the deposit will be returned to the original depositor. If such building exterior work is not completed in compliance with the approved plans within twelve (12) months from the date of issuance of the building permit, the owner may request in writing a onetime extension for up to six (6) months to complete the required work. The extension request must be submitted to the building official prior to expiration of the original twelve (12) month period. The building official may grant the extension for any reasonable cause. If such exterior work is not completed in compliance with the approved plans and within the specified time, the town shall follow through with the actions outlined in subsection C of this section.
   The portion of the deposit ($1,000.00) required for landscaping/revegetation, erosion control/drainage and parking areas may be held for up to twenty four (24) months from the date of issuance of the building permit or such time that town staff has inspected and approved the required work and proper landscaping/revegetation has occurred. If such erosion control/drainage and parking areas are not completed in compliance with the approved site plan and landscape revegetation has not occurred, the town shall follow through with the actions outlined in subsection C of this section. The original depositor/property owner may not request any extension of this portion of the deposit agreement.
   C.   Defaults, Binding Effect And Assignability: Refer to subsection 9-1-3(D) of this code.  (Ord. 550, Series of 2021)