9-1-3: PUBLIC AND PRIVATE IMPROVEMENTS AND FINANCIAL GUARANTEES FOR SUBDIVISIONS:
   A.   Development Improvement Agreements: For each new subdivision platted in the Town, a 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 proposed development improvement agreement.
   B.   Requirements For Approval: No subdivision plat shall receive approval from the town unless the property owner/developer meets the following minimum requirements:
      1.   A development improvement agreement is executed whereby a property owner/developer agrees to construct any required public and private improvements shown in the preliminary and final plat 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 or shall otherwise secure its performance by town-approved means. No site disturbance shall occur until such time as performance is secured to the town's satisfaction.
   C.   Conditions For Acceptance Of Cash Or Letter Of Credit: The conditions for town acceptance of cash or an irrevocable letter of credit are as follows:
      1.   To account for inflation and cost overruns, the amount deposited shall equal the total estimated cost of the public improvements multiplied by 1.20.
      2.   When a cash deposit is made the town shall place the cash in an interest-bearing account at a bank of the town's choosing. The funds shall remain on deposit with the town until such time as the terms of the development improvement agreement are fulfilled to the town's satisfaction. Partial releases or reductions in the initial amount of the deposit will only be allowed as major work items are completed and accepted in writing by the town engineer or applicable special district (e.g., water system). If the work is completed to the town's satisfaction based on an inspection by the town engineer and/or town planner, the sum of money for the improvements completed shall be returned to the property owner/developer within thirty (30) days of the inspection. It is the property owner/developer's responsibility to schedule the inspection with the town engineer and/or town planner. Upon final release of the cash deposit, the town shall include fifty percent (50%) of all interest accrued on the deposit.
      3.   Irrevocable letters of credit are acceptable when the following criteria are met:
         a.   The letter of credit shall be from a Colorado bank or savings institution. Said bank or savings institution may be required to provide proof of financial stability.
         b.   The letter of credit and any exhibits shall conform to the standard town form which is on file in the Office of the Town Clerk. All documents shall be approved by the town attorney.
         c.   The letter of credit shall be for a minimum period of one year.
         d.   Partial releases or reductions in the initial amount of the letter of credit will only be allowed as major work items are completed and accepted in writing by the town engineer or applicable special district (e.g., water system). A new letter of credit shall be executed when partial releases are approved with such amounts being approved by the town manager in the town manager's sole discretion, and the town manager's decision shall be final. The property owner/developer shall notify the town of the need to extend the expiration date of the letter of credit no less than sixty (60) days in advance of the expiration date. If the letter of credit is not renewed or extended within said sixty (60) day period, the town shall be entitled to draw upon the letter of credit in the full principal amount thereof.
   D.   Defaults, Binding Effect And Assignability:
      1.   Default: It is hereby understood and agreed that in the event that: a) any required improvements have not been completed to the town's satisfaction as provided herein; b) the property owner/developer fails to properly install, inspect or maintain stormwater management plans/erosion control plans; c) construction ceases for one hundred eighty (180) days; d) the property owner/developer fails to complete construction of any required improvements by the completion date; e) the property owner/developer fails to cure any noncompliance specified in any written notice of noncompliance within the specified time frame after receipt of the notice of noncompliance; f) the property owner/developer otherwise breaches or fails to comply with any of its obligations under the development improvement agreement; g) the property owner/developer becomes insolvent, files a voluntary petition in bankruptcy, is adjudicated as bankrupt pursuant to an involuntary petition in bankruptcy, or a receiver is appointed for property owner/developer; h) the Colorado bank or savings institution securing the irrevocable letter of credit has financial instability as determined by the town manager in his or her sole discretion; or i) the terms of this development improvement agreement and approved plans are determined to be abandoned at the sole discretion of the town council. The town may thereupon declare the development improvement agreement to be in default and may perform any or all of the following actions:
         a.   Collect or draw upon the cash deposit or letter of credit in amounts sufficient to cover the cost of any required improvements;
         b.   Refuse to issue any building permit, perform building inspections or issue a certificate of occupancy until any required improvements are completed;
         c.   Revoke any building permit previously issued under which construction directly related to such building permit has not commenced;
         d.   Refuse to process additional plans or design review until any required improvements are completed;
         e.   Vacate any portion of the plat for which any required improvements have not been completed;
         f.   Complete such work as the town deems necessary to complete any required improvements, using monies from the cash deposit or letter of credit;
         g.   Remove any required uncompleted improvements the town deems necessary;
         h.   Take measures to visually improve the property by restoring, reclaiming, mitigating or screening the property; or
         i.   Any other remedy available at law.
      2.   Work In Excess Of Security: Any cost associated with any work performed by the town which is in excess of the amount of the cash deposit or letter of credit shall be billed to the property owner/developer, and if not paid within one hundred twenty (120) days, the outstanding bill may be collected in the manner provided by Colorado Revised Statutes 31-20-105.
      3.   Thirty Days' Written Notice: Unless necessary to protect the immediate health, safety and welfare of the town, or to protect the interest of the town with regard to security given for the completion of any required improvements, the town shall provide the property owner/developer thirty (30) days' written notice of its intent to take any action described above, during which thirty (30) day period the property owner/developer may cure the breach described in the notice and prevent further action by the town.
      4.   Binding Effect: The duties and promises undertaken and financial guarantees provided made by the property owner/developer herein shall become covenants running with the land and shall be binding upon the property owner/developer as well as its successors or assigns.
      5.   Assignability: Any grantee or transferee of the property owner/developer shall be obligated to fulfill any and all obligations of the property owner/developer under this development improvement agreement. The property owner/developer may assign its rights and obligations under this agreement to a party who is the successor or assignee of the property owner/developer in its capacity as property owner/developer of the development without the consent of the town; provided, however, that: a) the property owner/developer notify the town of the assignment and of the name and address of the successor property owner/developer, and b) the successor property owner/developer assumes the obligations of the property owner/developer under this agreement and a new agreement is executed with the town. Unless otherwise agreed by town, the property owner/developer shall remain liable for performance of the obligations of the property owner/developer under this agreement. The town shall release the deposit guarantee furnished by the property owner/developer only if the town accepts a new guarantee from any successor property owner/developer.
   E.   Completion Time Limits:
      1.   A property owner/developer shall complete construction of all required improvements within three hundred sixty five (365) days from the date of the execution of the development improvement agreement. If such improvements are not completed within one year, plus any approved extension, from the date of the execution of the development improvement agreement and in compliance with all approved plans, the cash deposit shall be retained or the letter of credit shall be drawn upon by the town.
      2.   The property owner/developer may submit a letter to the town council requesting one or more extensions of up to six (6) months each to complete the required work. The extension request(s) shall be submitted to the planning department prior to expiration of the original three hundred sixty five (365) day period or a previously granted extension period. The town council may grant the extension for good cause shown by the property owner/developer, in the town council's sole discretion.
   F.   Requirements And Standards For Street Improvements: The following street improvements shall be provided in each new subdivision in accordance with requirements and standards specified as follows:
      1.   In all new subdivisions, public and/or private, streets shall be paved with an approved hard surface material such as asphalt, concrete or other similar permanent hard surface material. All street paving designs shall be approved by the town engineer.
      2.   As part of the subdivision review process, the town council may require that a developer pave streets directly adjoining the subdivision. These requirements pertain to previously dedicated public streets that have not been paved but are beneficial to the new subdivision.
   G.   Curbs, Gutters And Sidewalks: Curbs, gutters and sidewalks may be required where the town engineer or the planning and zoning commission deems them necessary for the proper drainage of stormwater or for the protection of public safety and welfare.
   H.   Street Name Signs: Street name signs shall be installed at all intersections in the subdivision, according to the street names approved by the planning and zoning commission.
   I.   Removal Of Combustible Materials And Other Debris: All combustible materials and other debris, including fallen trees and stumps removed from the subdivision roads, shall be removed from the subdivision to avoid disease and fire hazards.
   J.   Use Of Rocks: All rocks found in excavation shall be utilized in landscaping or disposed of in an acceptable manner.
   K.   Street Lighting: Street lighting for local streets shall be installed by the developer in accordance with town standards.
   L.   Bikeways And Trails: Bikeways and trails shall be installed in accordance with the master plan by the developer in accordance with town standards.
   M.   Drainage Improvements: Drainage improvements shall be installed in each new subdivision in accordance with requirements and standards specified as follows:
   The storm drainage system shall be of sufficient size and design to carry off all predictable surface water runoff within the subdivision or development, and stormwater drainage which enters the development from adjacent areas. Conduits, culverts, drains, ditches, storm sewers, bridges, and other drainage improvements may be required where deemed necessary by the planning and zoning commission.
   N.   Erosion Control Structures And Revegetation Measures: The erosion control structures and revegetation measures shall be considered public improvements and shall be provided for and installed in accordance with the requirements set forth in these regulations.
   The subdivider shall make provision for the maintenance of all permanent erosion control, drainage, and revegetation landscape improvements for a period of one year after the date certificates of occupancy are issued. The town shall maintain said improvements thereafter. Such provisions may be accomplished through the creation of a homeowners' association with title to the public improvements, by creation of an interest bearing account, or otherwise.
      O.   Water Mains: Water mains shall be installed in a subdivision which will provide an adequate water supply for domestic and firefighting purposes when the overall system is brought up to an acceptable standard set forth in the fire suppression rating schedule published by the Colorado insurance services office.
      P.   Roadway Landscaping: Roadway landscaping on private drives, local streets and minor collector roads shall be provided by the developer in accordance with a plan submitted to and approved by the planning and zoning commission.
      Q.   Potable Water System: The potable water system shall be connected to the water system of the appropriate water and sanitation district, and shall be of sufficient size and design as will, in the opinion of the town engineer, adequately supply water to each building to be erected in the development. Water lines shall be designed to connect each lot with mains of not less than six inches (6") in diameter. Construction details shall be in accordance with the water and sanitation district specifications. All water system installations shall be subject to all town ordinances and agreements relating thereto.
      R.   Fire Hydrants: Fire hydrants shall be installed at street intersections or as necessary to assure that no part of any building is located a distance in excess of one hundred fifty feet (150') from the likely location of a fire engine as determined by the fire chief after consulting with the water and sanitation district. Fire hydrants shall be provided with adequate water pressure and volume for firefighting purposes and shall be located no more than three hundred feet (300') apart.
      S.   Sanitary Sewage System: The sanitary sewage system shall be connected to the sanitary sewage system of the appropriate water and sanitation district, and shall be of sufficient size and design to collect all sewage from all proposed or probable structures in the development. The sanitary sewage system shall otherwise be constructed and maintained in conformity with the requirements and standards of the water and sanitation district.
      T.   Telephone And Electric Lines: Telephone and electric lines, television cables, and similar utility installations shall be placed underground consistent with subsection 8-3-9A of this code. Electric transmission and distribution feeder lines and communication trunk and feeder lines shall be placed underground consistent with subsection 8-3-9A of this chapter. Transformers, switching boxes, terminal boxes, meter cabinets, pedestal ducts, and other facilities necessarily appurtenant to underground utilities may also be placed aboveground, but shall be adequately screened with approved planting material.
      U.   Permanent Reference Monuments: Permanent reference monuments of stone or concrete, at least thirty six inches (36") in length and six inches (6") square or round, with suitable center point shall be located and placed within the subdivision or development as required by the Colorado Revised Statutes, title 38, article 51 and as required by the town engineer. Iron pin monuments, at least twenty four inches (24") long and flush with the surface, shall be placed at block and lot corners, and at other points as required by the town engineer. Affixed securely to the top of each such monument shall be the Colorado registration number of the land surveyor responsible for the establishment of said monument.  (Ord. 550, Series of 2021)