F. Surety to Town Board . If the Town Manager does require a surety, it will be presented to the Town Board of Commissioners at a regular meeting to review and consider approval of such surety. If the Town Board of Commissioners approves the surety and all associated documentation is executed and the surety is submitted to the Town in the form required, then a final subdivision plat may be signed and submitted for recordation at the Office of Wake County Register of Deeds or a Certificate of Occupancy may be issued for a building(s) associated with a site plan. G. Release. The performance guarantee shall be returned or released, as appropriate, in a timely manner upon the acknowledgement by the Town that the improvements for which the performance guarantee is being required are complete and upon written request from the property owner/developer. The Town shall return letters of credit or escrowed funds upon completion of the required improvements to its specifications or upon acceptance of the required improvements, if the required improvements are subject to Town acceptance. When required improvements that are secured by a bond are completed to the specifications of the Town, or are accepted by the Town, if subject to its acceptance, upon request by the developer, the Town shall timely provide written acknowledgement that the required improvements have been completed. H. Extension. A developer shall demonstrate reasonable, good-faith progress toward completion of the required improvements that are secured by the performance guarantee or any extension. If the improvements are not completed to the specifications of the Town, and the current performance guarantee is likely to expire prior to completion of the required improvements, the performance guarantee shall be extended, or a new performance guarantee issued, for an additional period. An extension under this subdivision shall only be for a duration necessary to complete the required improvements.
b. Defects Guarantees
Guaranteeing work against defects for a warranty period of one (1) year from the date of acceptance of such construction by the Town, shall include, but not be limited to, the construction in whole or part thereof for streets, curb and gutter, sidewalks, storm drainage infrastructure, stormwater management requirements, and water and wastewater systems with all appurtenances. The property owner/developer shall execute the warranty agreement with the Town of Fuquay-Varina beginning from the date of recordation for a period of one (1) year for a final plat guaranteeing that the developer will be responsible for repairs against defects in product or workmanship for the herein described improvements. The property owner/developer will further agree in the warranty agreement to respond promptly and reasonably to the Town of
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