Extracted standards
1 individual requirements pulled out of this section’s prose, each with the sentence it came from.
Other
- Development bond
The amount of the bond shall be the estimated cost of construction of such improvements plus ten percent for price escalation resulting from normal cost increases between the time of approval and the initiation of construction on a subdivision. The surety will be subject to the condition that the improvements will be completed within thirty-six (36) months after issuance of the Town's Bond Letter, unless such period is extended by the Director of Public Works, and in the event they are not completed, the Town may proceed with the work and hold the owner and the bonding company jointly responsible for the costs thereof. As an alternative, the subdivider may deposit a certified check with and payable to the director of finance in place of the surety bond or a bank or savings and loan association's letter of credit on designated funds satisfactory to the council. In the event that construction as indicated on the approved plat is not commenced within six months of approval of the issuance of the Town's Bond Letter, any and all permits issued prior to such date for any such construction shall be null and void, and in such event, the owner shall thereafter and prior to commencing any construction, provide Council with a certified check in the above mentioned amount, or with a renewed surety bond, which bond shall meet all the requirements hereinabove set forth, and shall be conditioned upon completion of all required improvements within thirty (36) months after the new bond letter issuance. No permit shall be issued for any such construction indicated on such plat until the certified check or bonding requirement is met by the owner.
From the ordinance
Before consideration of a final plat of a subdivision by the Town, the subdivider shall guarantee the completion of the improvements required by means of a bond executed by a surety company based on an estimate approved by the Director of Public Works. The amount of the bond shall be the estimated cost of construction of such improvements plus ten percent for price escalation resulting from normal cost increases between the time of approval and the initiation of construction on a subdivision.