A. Generally. Performance guarantees shall be in an amount equal to 125 percent of the estimated cost of completing the installation of the required improvements, including the costs of materials, labor, and project management.
B. Estimated Costs. Estimated costs of completing installation of required public improvements, landscaping or reforestation, or stormwater measures shall be itemized by improvement type and certified by the developer's licensed professional engineer that is consistent with the NCDOT Bid Tab Average for the year in which the guarantee is requested, and is subject to approval in accordance with Section 6.6.6, Administration of Guarantees.
C. Renewal. If a performance guarantee is renewed, the appropriate Town official (see Section 6.6.6, Administration of Guarantees) may require the amount of the performance guarantee be updated to reflect changes in cost over time.
(Ord. 2020-36, passed 12-2-2019)