9-2-3-6: ASSURANCE OF COMPLETION AND MAINTENANCE OF IMPROVEMENTS:
A. Improvements And Performance Guarantees:
1. Completion Of Improvements: All subdividers shall be required to complete all the street and other improvements as specified in the subdivision plan or as required in this chapter, and to dedicate public improvements to the town or other applicable public agencies, free and clear of all liens and encumbrances. The subdivider shall submit proof of ownership of the property to be subdivided, including a description of all liens, encumbrances, and other title restrictions applicable to such property, prior to conveying any land to the town. The title to the subdivider's property shall be acceptable to the director.
2. Subdivision Improvements Agreement: Subsequent to final subdivision plan approval, but prior to recording a subdivision plat, the subdivider shall either install all required improvements or enter into an agreement with the town which shall obligate the subdivider to install and construct all public improvements within and adjacent to the proposed subdivision as may be required under the provisions of this chapter. If the subdivider chooses to enter into an agreement, it shall specify the following at a minimum:
a. A description of all public improvements required.
b. An estimate of the cost of installing all public improvements.
c. The timing of public improvements in relation to the development of individual sites.
d. A description of all private improvements required by this chapter, conditions of approval, or other pertinent town regulations.
e. A performance guarantee that the improvements will be installed in accordance with the approved plans. (Ord. 23, Series 1992)
3. Performance Guarantees:
a. If the improvements are not installed prior to filing of the plat, the subdivider shall post a performance guarantee consisting of either a surety bond, cash bond or an acceptable irrevocable letter of credit drawn upon a Colorado bank. No surety bond shall be accepted by the town as a performance guarantee under this section unless the subdivider has, within the past five (5) years, successfully completed the construction and required warranty maintenance of required public improvements in connection with another subdivision within the town. The performance guarantee shall be posted with the town prior to the time of recording the plat, and shall be in an amount equal to one hundred twenty percent (120%) of the estimated costs of all remaining public improvements not already installed or paid for.
b. The performance guarantee described in subsection A3a of this section, shall be satisfactory to the town attorney. The period within which required improvements must be completed shall be incorporated in the guarantee. Said guarantee shall remain in full force and effect until released by the town.
c. The performance guarantee shall remain in effect and shall be renewed by the subdivider from time to time as necessary to assure continuous coverage until the performance guarantee is released by the town. (Ord. 27, Series 2002)
4. Failure To Complete Subdivision: Where a performance guarantee has been posted and a subdivision improvements agreement signed, and all improvements required by the town have not been installed as required by such agreement, the town may thereupon declare the agreement to be in default and may utilize the funds available from the performance guarantee to complete the improvements within the subdivision.
5. Release Or Reduction Of Performance Guarantees:
a. The town will not accept the required improvements, nor release a performance guarantee until the town engineer has indicated that all required improvements have been satisfactorily completed and until the subdivider's engineer has certified to the town engineer, through submission of detailed as-built plans of the subdivision, that all improvements are in accordance with the approved construction plans for the subdivision and are ready for dedication to the town.
b. A performance guarantee may be reduced by the town upon actual completion of public improvements and then only in the ratio that the public improvements completed bears to the total public improvements of the plan. In no event shall a performance guarantee be reduced below twenty percent (20%) of the principal amount until all improvements have been completed and accepted by the town.
6. Maintenance Of Improvements And Maintenance Bonds:
a. The subdivider shall be required to maintain public improvements in the subdivision and to provide for snow removal, street cleaning, drainage, and general maintenance on streets and sidewalks prior to acceptance by the town. In the event the subdivider fails to comply, the town is authorized, through the director of public works, to perform the necessary work, without incurring any liability, and charge such work to the subdivider. Any such charges shall become a first and prior lien on the subdivision.
b. The subdivider shall be required to file a maintenance bond with the town in a form acceptable to the town attorney, prior to acceptance of any public improvements, in an amount equal to twenty percent (20%) of the original cost of the public improvements, in order to assure the satisfactory maintenance of the required improvements for a period of two (2) years after the date of their acceptance by the town. Such bond shall guarantee all public improvements constructed by the subdivider shall remain free from defect for the required two (2) year period.
7. Issuance Of Permits:
a. Prior to the issuance of a building permit for any lot within the subdivision, the extent of street improvements shall be adequate for vehicular access by the prospective occupant and by police and fire and any other emergency equipment. At a minimum, the street shall be improved with a base course up to that portion of the street which provides direct access onto the lot for which a building permit is requested.
b. Prior to the issuance of a certificate of occupancy for any structure, all public improvements required by the subdivision plan shall be completed. The town may waive the requirements of this section if in the opinion of the director and town engineer the issuance of a certificate of occupancy will not create significant adverse impacts to the community, and the improvements remaining are satisfactorily guaranteed to be completed in a timely manner. (Ord. 23, Series 1992; amd. Ord. 2, Series 2020)