A. Release Requested. The appropriate Town official (see Section 6.6.6, Administration of Guarantees) shall release or reduce a performance guarantee only after:
1. The owner or developer has submitted to the Town a written request for a release or reduction of the performance guarantee that includes certification by the owner's or developer's engineer or contractor, whichever is appropriate, that installation of the guaranteed improvements has been completed in accordance with approved plans and specifications, and as-builts (if applicable);
2. Town staff has performed an inspection of the improvements and certified in writing that installation of the guaranteed improvements is completed in accordance with approved plans and specifications; and
3. No release or reduction in performance guarantee amounts will be considered until more than 25 percent of the work is in place and approved.
B. Acceptance shall be Documented. The appropriate Town official (see Section 6.6.6, Administration of Guarantees) shall provide written notice of the Town's final acceptance of the improvements subject to performance guarantees.
(Ord. 2020-36, passed 12-2-2019)