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. 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.
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