Per title 9, chapter 2 of this Code, subdividers shall either install all required improvements prior to recording a subdivision plat or enter into a subdivision improvement agreement with the town, per title 9 of this Code, which shall obligate the subdivider to install and construct all public improvements within and adjacent to the proposed subdivision.

A letter of credit, surety, cash deposit or other acceptable security in an amount determined by the town engineer and in a form approved by the town attorney shall be deposited with the town to guarantee construction and performance. The deposit shall be made prior to recording of a final plat or issuance of a building permit. Performance guarantee shall be one hundred twenty five percent (125%) of the total costs to construct the improvements. The construction cost amount shall be submitted to the town engineer for their review and approval.

Performance guarantee amounts may be reduced after one (1) year after acceptable completion of improvements. Determination of the amount of guarantee after one (1) year shall be by the town engineer. (Ord. 3, Series 2022)