of credit (LOC), cash escrow (CE) or performance bond to delay the property owner’s/developer’s installation of specific improvements for a specific time and under specific terms and conditions. The Town Manager shall review the request considering the form of the surety, terms and conditions related to the surety, reasons for the request and input from the Director of Engineering. If the Town Manager determines the request is reasonable a cost estimate shall be prepared by the registered engineer of record for the proposed project and submitted to the Director of Engineering for review and recommendation. The Director of Engineering shall review and approve the surety based on the amount equal to the registered engineer of record total estimate times 1.25 of the actual and total cost of such improvements, appurtenances and related services to complete construction.
(3) Acceptance Criteria . For the Town of Fuquay-Varina to accept a surety it shall be presented to the Town in the following format:
A. Letter of Credit . An irrevocable letter of credit shall be in a form and include language approved by the Town of Fuquay-Varina.
B. Cash Escrow . A cash escrow shall be submitted in the form of a certified or cashier's check in the name of the Town of Fuquay-Varina to the Town.
C. Performance Bond . A performance bond shall be submitted with the Town of Fuquay- Varina as a beneficiary and in a form and include language to the satisfaction of the Town of Fuquay-Varina D. Underlying Agreement . A surety shall be accompanied with or by an underlying agreement executed between the property owner/developer and the Town of Fuquay- Varina identifying the improvements that the surety will cover and the projected date by which the improvements will be completed identified as the “default date” which may trigger payment to the Town of Fuquay-Varina from the surety. E. Sidewalk Requirements . For the purpose of sidewalk installation only, the Town of Fuquay-Varina will require all sidewalk that are not part of or adjacent to a buildable lot to be installed prior to the Town accepting and signing a final plat for recording. The Town Manager may require a surety to be executed with the Town of Fuquay-Varina for required sidewalks adjacent to or in front of a lot and adjacent or along the corner side of a lot, if applicable. However, if the Town Manager determines a surety is not required, no property/lot(s) shall be issued a Certificate of Occupancy (CO) until all required sidewalks associated with said property/lot(s) has been installed, inspected and approved by the Town.
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