Upon request of the applicant or property owner to the hearing body, the obligation to dedicate or improve thoroughfare rights-of-way or to make intersection improvements imposed on an application may be deferred to a later stage of the development process. As a condition of deferring the obligation to dedicate rights-of-way for or to improve thoroughfares, which deferral shall be in the sole discretion of the town, the town shall require the developer to execute a subdivision or site development improvement agreement specifying the amount and timing of the rights-of-way dedication or improvements to thoroughfares, including the posting or depositing of a bond, letter of credit, or other fiscal surety, in a form and under terms acceptable to the town, in advance of approval of the development application.
(Ord. 2020-36, passed 12-2-2019)