XII. - GUARANTEE OF IMPROVEMENTS AND REIMBURSEMENT OF SUBDIVIDER FOR OVERSIZED IMPROVEMENTS
A.
Guarantee of improvements.
1.
Guaranteeing installation of improvements: Final plats of a subdivision shall be approved by the planning board after the subdivider has complied with one (1) of the following requirements:
a.
All required improvements have been installed in accordance with the requirements of this ordinance.
b.
A bond or certified check has been posted, which is available to the city, and in an amount equal to 125% of the cost of the required improvements. The amount of the bond shall be submitted by the subdivider and reviewed and determined for sufficiency by the city manager.
c.
An irrevocable letter of credit issued by a bank in a form approved by the city attorney, or a deposit of funds in escrow, may be accepted in lieu of bond under the same terms and conditions applicable to bonds.
No surety or portion thereof, as provided for in this section, shall be released by the city manager until all improvements have been installed, inspected and approved, and until all required certification of such approval has been presented to the city.
2.
Maintenance guarantee:
a.
The Southport board of aldermen shall require a bond guaranteeing streets, curbs, gutters, sidewalks, drainage facilities, and water and sewer lines against defects for one year. (Such improvements must be accepted or rejected within 60 days following the installation of the improvements.) This bond shall be in the amount determined by the city manager and shall be in cash or be made by a surety company authorized to do business in North Carolina.
b.
The city manager shall secure from all developers a letter or statement in which said developer shall agree to maintain the backfill and any improvements located thereon and therein and any ditch which has been dug in connection with the installation of such improvements. Such letter or statement shall be binding on the developer for a period of one year after the acceptance of such improvements by the City of Southport (improvements must be accepted or rejected within 60 days following installation).
B.
Reimbursement of subdivider by city for improvement costs over and above those required to serve his subdivision: The city, under conditions specified below, shall reimburse the subdivider for improvement costs incurred over and above those required to serve his immediate subdivision where required by the board of aldermen. Such reimbursement shall be made in twelve (12) equal monthly payments, the first payment being due within forty-five (45) days following the date of final inspection and acceptance of the improvement by the board of aldermen. Installations subject to reimbursement are the following:
1.
Installations subject to reimbursement are the following:
a.
Street paving cost within the corporate limits which are above those requirements provided for in article VIII, section B, paragraph 1.b., of these regulations.
b.
The cost of materials for water mains over six (6) inches in size including extra costs of lines over six (6) inches incurred by the subdivider to reach his subdivision.
2.
Procedure for reimbursement.
a.
After plans and specifications of the improvements have been approved by the board of aldermen, the subdivider shall advertise for formal sealed bids to be opened publicly at the city hall for any improvements in which the city will be requested to participate. After approval by the board of aldermen, the contract shall be awarded to the lowest responsible bidder who shall be required to furnish a performance bond guaranteeing fulfillment of the contract.
b.
Following completion of improvements and acceptance by the board of aldermen, the subdivider shall furnish an itemized list of costs to be reimbursed by the city.