<div class="chunk-title">Sec. 70-94. - Guarantee of improvements.</div>
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            <p class="p0">
               Where the required roadbed, utility improvements, or erosion control devices indicated
               on the construction documents have not been completed prior to submission of the final
               plat, the incomplete elements are to be itemized in an attachment to the guarantee
               of improvements. The developer must have completed 25 percent (based on a professional
               engineer's estimate) of infrastructure improvements for the phase of the subdivision
               for which the guarantee applies. The approval of the plat shall be subject to the
               owner/developer guaranteeing the installation of all required improvements within
               a specified time. The construction elements, cost and anticipated construction schedule
               for the work must be itemized and certified by a licensed professional consultant
               and submitted to the planning department for approval. The guarantee of improvements
               shall be secured in one of the following forms acceptable to the planning department:
               
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                  (1)
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                  A surety bond issued by any company authorized to do business in North Carolina.
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                  (2)
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                  A letter of credit issued by any financial institution licensed to do business in
                  North Carolina.
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               <p class="incr1">
                  (3)
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                  Other form of guarantee that provides equivalent security to a surety bond or letter
                  of credit.
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               Such guarantee shall be in the amount equal to 125 percent of the remaining identified
               cost of the planned improvements and the continuing maintenance until completion as
               estimated by the licensed professional consultant retained by the owner/developer.
               The guarantee will remain in full force and effect until all obligations have been
               faithfully performed.
               </p>
            <p class="p0">
               If the cost estimate for improvements, and maintenance or the schedule for installation
               is deemed inadequate by the planning department, the planning department reserves
               the right to require an independent construction appraisal, at the owner/developer's
               expense, as a condition of final plat approval.
               </p>
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               All guarantees of improvements shall contractually stipulate a completion date that
               is at least 180 days past the stipulated completion date as stated in the approved
               construction schedule. The owner/developer must submit a signed and sealed statement
               by a civil engineer licensed in North Carolina certifying that all work has been completed
               to the standards of this article before the planning department will determine satisfactory
               completion of all guaranteed work. Work not completed within 90 consecutive days following
               the stipulated completion date will be considered in default. The planning department
               will proceed immediately with a claim against the guarantee of improvements for all
               work in default.
               </p>
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               An extension of time required for completion may be granted by the planning department
               if the developer demonstrates reasonable, good faith progress toward completion of
               the required improvements that are the subject of the performance guarantee or any
               extension.
               </p>
            <p class="historynote0">
               (Ord. No. 10-10-05, Â§ 1, 10-5-10;
               <a class="ordinance-link" href="" data-product-id="12776" data-ordinance-id="776886">
                  Ord. No. 16-04-10
                  </a>
               , Â§ 1, 4-5-16;
               <a class="ordinance-link" href="" data-product-id="12776" data-ordinance-id="816841">
                  Ord. No. 17-01-10
                  </a>
               , Â§ 1, 1-17-17;
               <a class="ordinance-link" href="" data-product-id="12776" data-ordinance-id="1118554">
                  Ord. No. 21-05-06
                  </a>
               , Â§ 1(Exh. A), 5-4-21)
               </p></div>