Morrisville Unified Development Ordinance - October 2019

Article 8: Performance and Maintenance Section 8.1. Performance 8.1.5. Performance Guarantees

development application. The Town may require a combination of partial payment of funds, partial installation of cross access, and/or dedication of access and construction easements.

B. Form of in Lieu Payment

The in-lieu payment shall be provided in cash or certified check from a North Carolina lender to the Town prior to Construction Plan Approval. C. Amount of in Lieu Payment The amount of an in-lieu payment shall be in an amount equal to 150 percent of the estimated full cost of completing the installation of the required improvements, including the costs of materials, labor, and project management. Estimated costs for the in-lieu payment shall be itemized by improvement type, certified by the applicant’s licensed Professional Engineer, and approved by the Town Engineer. D. Use of in Lieu Funds The Town shall deposit any in-lieu payment into a special Town fund that shall be used only for the construction of cross access improvements for which the in-lieu payment is made. Such activities may be undertaken by the Town or private entity.

All in lieu funds utilized shall be for the amount equal to the in lieu payment.

(Ord. No. 2019-106, 08/27/2019)

Performance Guarantees

8.1.5.

A. General

A performance guarantee in accordance with the standards in this section shall be furnished the Town prior to Construction Plan Approval in the following circumstances: To ensure completion of public infrastructure improvements (e.g., roadways, bike lanes, curb and gutter, sidewalks, bike paths, crosswalks, traffic signs and controls, street lights, fire lanes, bus shelters and other transit facilities, greenway paths—but not public improvements provided in accordance with Article 7: Stormwater Management) that are required as part of Construction Plan Approval; and To ensure completion of plantings of replacement trees, buffer screening, and landscaping that are required as part of Construction Plan Approval. B. Term of Performance Guarantee The term of a performance guarantee shall reflect any time limit for completing installation of required improvements that is included in the Construction Plan Approval in a condition deemed acceptable by the Town Engineer —but in any case, the term shall not exceed three years. The Planning Director or Town Engineer, as appropriate, may, for good cause shown and with approval of the provider of the guarantee, grant extensions of the term for up to a total extended period of two years. C. Form of Performance Guarantee Where required, the owner or developer shall furnish a performance guarantee in any of the following forms with terms and conditions acceptable to the Town Attorney:

a. Cash deposit with the Town;

b. Surety bond issued by any company authorized to do business in this State;

c. Letter of credit issued by any financial institution licensed to do business in this State; or

d. Other form of guarantee that provides equivalent security to a surety bond or letter of credit.

The performance guarantee shall be conditioned on the performance of all work necessary to complete the installation of the required improvements within the term of the performance

October 1, 2019

Morrisville, NC

Page 8-4

Unified Development Ordinance