A. Guarantee Required: All improvements required in these regulations shall be guaranteed. If the subdivision plat is to be recorded in the records of the county clerk prior to acceptance by the town council of all required public improvements, appropriate financial security guaranteeing the proper and timely completion of such improvements shall be provided by the subdivider.
B. Amount Of Guarantee: Financial security shall be provided for not less than one hundred percent (100%) of the cost of the improvements based on an opinion of probable cost provided by the subdivider's engineer and approved by the town engineer.
C. Approval By Town Attorney: The financial security shall be approved by the town attorney prior to approval of the final plat by the town council. (Ord. 93-9, 6-14-1993)
D. Security Deposit For Landscaping: All R-2 multi-unit, commercial general, commercial enhanced, light industrial, and heavy industrial zonings which have established plats/lots, or R-2 multi-unit which is being constructed within a commercial general zoning where lot boundaries are established or a zone lot declaration is used to combine smaller lots into one larger lot shall, at the time of executing a permit to construct, place in effect a security deposit into an escrow account, a bond, or an irrevocable letter of credit for the amount equal to one hundred percent (100%) of the cost of the required landscaping as stated in the zoning ordinance of the town of Wright. The security deposit, bond, or irrevocable letter of credit shall be maintained one planting season past the earliest planting season from final construction of the project at which time if the landscaping has not been completed, the security deposit, bond, or irrevocable letter of credit will be used to complete the landscaping requirements per the zoning ordinance of the town of Wright. (Ord. 2008-08, 4-27-2009)