(A) Pursuant to N.C.G.S. § 160D-801 et seq., the following requirements for service facilities or improvements shall be fulfilled by the owner of a subdivision located within the corporate limits prior to the time a final plat is approved by the Board of Aldermen:
(1) Streets and Alleys. Shall be graded to finish section and grade, as approved, with pavement of 20-foot minimum width, consisting of not less than three-inch crushed stone base and 1-1/2-inch bituminous concrete or approved equivalent, completed. Curbs, sidewalks, and driveways shall be provided by the developer.
(2) Storm Drainage. A storm drainage system shall be installed which is capable of alleviating runoff waters of a ten year frequency storm. Inlets shall be installed at intervals as needed and at not more than 400 feet intervals. Pipe shall be extended to high water line at discharge.
(3) Utilities.
(a) Water. Shall be as provided for in Chapter 50 of the Town Code of Ordinances, together with any amendments subsequently adopted by the Board of Aldermen.
(b) Sanitary Sewer. Shall be as provided for in Chapter 50 of the Town Code of Ordinances, together with any amendments subsequently adopted by the Board of Aldermen.
(c) Electric and Telephone. Services may be provided either overhead or underground. All services shall be installed subject to the franchise rights of the town and to its control.
(d) Gas. No underground gas system shall serve more than one lot or one facility. Tank containers may be used as set out in provisions of this code and other ordinances governing the same.
(B) All service facilities or improvements required to be installed or constructed shall be installed or constructed in accordance with the specifications standards, policies, or other requirements of the town applicable thereto.
(C) Performance Guarantees. In lieu of requiring the completion, installation and dedication of all improvements prior to final plat approval, the Town of Wrightsville Beach may enter into an agreement with the subdivider whereby the subdivider shall agree to complete any remaining required improvements as specified by the approved preliminary plat for that portion of the subdivision to be shown on the final plat within a mutually agreed upon specified time period not to exceed one year. The total cost of the remaining improvements and administration for which the surety is offered shall not exceed $50,000 except for minor subdivisions that require the extension of sidewalks along existing streets. The surety limit stated in this section shall be adjusted annually, at the beginning of each calendar year or fiscal year, to compensate for construction costs, inflation, or other factors, in accordance with an appropriate established index, as approved by the Town Attorney. Once agreed upon by both parties and the security required herein is provided, the final plat may be approved by the Board of Aldermen, if all other requirements of this Ordinance are met. The town shall require a certified cost estimate from a licensed contractor or engineer for the cost of completion of such improvements.
(1) The subdivider shall provide one of the following performance guarantees, elected at the subdivider's discretion, to ensure installation of required improvements:
(a) Surety Performance Bond(s). The subdivider shall obtain a performance bond(s) from a surety bonding company authorized to do business in North Carolina. The bond(s) shall be payable to the Town of Wrightsville Beach, and shall be in an amount not to exceed 125% of the entire cost, as estimated by the subdivider in conjunction with the Board of Aldermen, and approved by the Board of Aldermen for installing all required improvements. The duration of the bond(s) shall be one year from the date the bond is issued, unless the developer determines that the scope of work for the required improvements necessitates a longer duration.
(b) Cash or Equivalent Security. The subdivider shall deposit cash, an irrevocable letter of credit, or other instrument readily convertible into cash at face value, either with the town or in a non-interest bearing escrow account with a financial institution designated as an official depository of the town. The use of any instrument other than cash shall be subject to the approval of the Board of Aldermen. The amount of deposit shall not exceed 125% of the cost, as estimated by the subdivider in conjunction with the Board of Aldermen for installing all required improvements. If cash or other instrument is deposited in escrow with a financial institution as provided above, then the subdivider shall file with the town an agreement between the financial institution and himself guaranteeing the following:
1. That said escrow account shall be held in trust until released by the Board of Aldermen and may not be used or pledged by the subdivider in any other matter during the term of the escrow; and
2. That in the case of a failure on the part of the subdivider to complete said improvements, the financial institution shall, upon notification by the town and submission by the town to the financial institution of an engineer's estimate of the amount needed to complete the improvements, immediately either pay to the Town of Wrightsville Beach the funds estimated to complete the improvements, up to the full balance of the escrow account, or deliver to the town any other instruments fully endorsed or otherwise made payable to the town.
(2) A developer shall demonstrate reasonable, good-faith progress toward completion of the required improvements that are secured by the performance guarantee. If the improvements are not completed to the specifications of Wrightsville Beach, and the current performance guarantee is likely to expire prior to completion of the required improvements, the performance guarantee shall be extended, or a new performance guarantee issued, for an additional period. An extension under this subdivision shall only be for a duration necessary to complete the required improvements.
(3) Upon default, meaning failure on the part of the subdivider to complete the required improvements in a timely manner as spelled out in the performance bond or escrow agreement, then the surety, or the financial institution holding the escrow account shall, if requested by the town, pay all or any portion of the bond or escrow fund to the Town of Wrightsville Beach up to the amount needed to complete the improvements based on an engineering estimate. Upon payment, the Wrightsville Beach Board of Aldermen, in its discretion, may expend such portion of said funds as it deems necessary to complete all or any portion of the required improvements. The town shall return to the subdivider any funds not spent in completing the improvements.
(4) The town may release a portion of any security posted as the improvements are completed and recommended for approval by the UDO Administrator. Within 30 days after receiving the UDO Administrator's recommendation, the Board of Aldermen shall approve or not approve said improvements. If the Board of Aldermen approves said improvements, then it shall immediately release any security posted.
(5) For subdivisions which are underwritten or constructed with federal funds and for which the specifications for facilities or improvements are equal to or of a higher standard than those required by the town, the bond-posting requirement may be waived and the final plat approved prior to completion of facilities or improvements.
(Ord. 1695, passed 11-8-12; Am. Ord. 1838, passed 3-10-22)