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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)
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)
A. Notice of Failure to Install or Complete Improvements. If the owner or developer fails to complete installation of the guaranteed improvements within the term of the performance guarantee (as may be extended), the appropriate Town official (see Section 6.6.6, Administration of Guarantees) shall give the owner or developer 30 day's written notice of the scope and degree of the default, by certified mail.
B. Town Completion of Improvements. After the 30-day notice period expires, the Town may draw on the guarantee and use the funds to perform the work necessary to complete installation of the guaranteed improvements. After completing such work, the Town shall provide a complete accounting of the expenditures to the owner or developer. In the event of a default triggering the use of the performance guarantee, the Town shall return any of the unused deposited cash funds or other security.
(Ord. 2020-36, passed 12-2-2019)
A. Public Improvements. Upon completion of a public infrastructure project, the developer shall certify to the Town Engineer that the completed project has been constructed in accordance with the approved plans and shall submit actual "as built" plans for all public improvements after final construction is completed.
B. Stormwater Management Facilities. Upon completion of a private stormwater management facility, the developer shall certify to the Stormwater Administrator that the completed project is in accordance with the approved plans and shall submit actual "as built" plans after final construction is completed. The plans shall show the final design specifications for all improvements and the field location, size, depth, and related measures, controls and devices, as installed. The designer shall certify, under seal, that the as-built design, measures, controls, and devices are in compliance with the approved plans and with the requirements of this Ordinance.
C. Inspection Required. A final inspection and approval by the appropriate Town official (see Section 6.6.6, Administration of Guarantees) shall occur before the release of the performance guarantee.
(Ord. 2020-36, passed 12-2-2019)
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