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 Fuquay-Varina's requests for repair to said improvements due to defects in product or workmanship.
c. Site Specific Vesting Plan
If during the process of developing a site plan the registered engineer of record determines public safety is impacted based on a specific engineering design condition(s), the property owner/developer may submit a request for consideration of a payment in-lieu following the
Made with FlippingBook interactive PDF creator