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ORDINANCE NO. 2006-023 (A) When construction of required improvements is to be completed following final plat approval, the developer shall, at or prior to final plat approval, execute a contract for construction of the required improvements and post security in an amount equal to one hundred twenty-five (125) percent of the estimated total cost of required improvements remaining to be constructed. For residential subdivisions, contracts for construction of required improvements shall be limited to twenty-five (25) percent of all required improvements, based upon the estimated cost of improvements. [Note: the provision in the preceding sentence shall apply to all complete final plat applications received after March 31, 2005. All final plats approved after September 20, 2005 shall comply with these "Section 1" changes regardless of the date a complete final plat application was filed.] (B) The contract shall be on a form provided by the county and shall obligate the developer to complete all "bondable" required improvements and all other improvements )shown on the land development permit unless the improvement is shown on the land development permit as not required and optional) in accordance with the land development permit, the approved plans and specifications, and county development regulations and standards, within a period of one (1) year from the date of final plat approval. Sidewalks may be bonded -out for multiple years in accordance with subdivision ordinance section 913.09(5). (C) The estimated total cost of improvements remaining to be constructed shall include survey, engineering and construction costs and shall be approved by the county engineer after review of an itemized cost estimate prepared and certified by the developer's engineer, or an actual contract price or portion thereof for the work remaining, if available. (D) The security posted to guarantee performance of the contract shall expire, if at all, no less than ninety (90) days beyond the last date for performance established by the contract, or any extension thereof. The security shall run in favor of the board of county commissioners, must be in a form acceptable to the county attorney, and may be either: 1. Cash and a cash deposit and escrow agreement governing control and use thereof; or 2. An irrevocable letter of credit (issued by a financial institution authorized to conduct business within the state). (E) For good cause shown, the board of county commissioners may in its discretion grant one (1) or more extensions of time for performance of any contract for required improvements, provided the security supporting such contract remains valid for the required ninety -day period following the newly extended time for performance. (F) No certificate of occupancy for residential occupancy for any structure within a subdivision shall be issued until a certificate of completion has Coding: Words/letters underscored are additions to text; words/letters in format are deletions to text. 3 F:Wttorney\Nancy\DOCS\ORD\ord re final lift.doc