§ 15-101. Preparation of final plat and installation of improvements

(a) Generally. Upon approval of the preliminary plat by the town council, the subdivider may proceed with the preparation of the final plat, and the installation of or arrangement for required improvements in accordance with the approved preliminary plat and the requirements of this chapter. Prior to approval of a final plat, the subdivider shall have installed the improvements specified in this chapter or guaranteed their installation as approved herein. No final plat will be accepted for review by the planning and zoning commission or the town council unless accompanied by written notice by the town clerk acknowledging compliance with the improvement and guarantee standards of this chapter. The final plat shall constitute only that portion of the preliminary plat which the subdivider proposes to record and develop at that time. Such portion shall conform to all requirements of this chapter.

(b) Improvements guarantees.

(1) Agreement and security required. In lieu of requiring the completion, installation and dedication of all improvements prior to final plat approval, the town may enter into an agreement with the subdivider whereby the subdivider shall agree to complete all required improvements. Once the agreement is signed by both parties and the security required herein is provided, the final plat may be approved by the town council if all other requirements of this chapter are met. To secure this agreement, the subdivider shall provide, subject to the approval of town council, cash or equivalent, not exceeding one and twenty-five hundredths (1.25) times the entire cost of the required improvements as provided herein:

a. The subdivider shall deposit cash or other instrument readily convertible into cash at face value, either with the town or in escrow with the financial institution designated as an official depository of the town. The use of any instrument other than cash shall be subject to the approval of the town council. The amount of deposit shall be equal to one and twenty-five hundredths (1.25) times the cost, as estimated by the subdivider and approved by town council, of installing all required improvements.

b. When cash or other instrument is deposited in escrow with a financial institution as provided above, the subdivider shall file with the town council an agreement between the financial institution and himself guaranteeing the following:

1. That the escrow account shall be held in trust until released by the town council and may not be used or pledged by the subdivider in any other matter during the term of the escrow; and

2. That in the case of failure on the part of the subdivider to complete said improvements, the financial institution shall, upon notification by the town council, immediately either pay to the town all funds in said account, or deliver to the town any other instruments fully endorsed or otherwise made payable in full to the town.

(2) Default. Upon default, meaning failure on the part of the subdivider to timely complete the required improvements, then the town council may require the subdivider or the financial institution holding the escrow account to pay all or any portion of the escrow account fund to the town. Upon payment, the town council, in its discretion, may expend such portion of said funds as it deems necessary to complete all or any portion of the required improvements.

(3) Release of guarantee security. The town council may release a portion of any security posted as the improvements are completed and recommended for approval by the subdivision administrator. Within forty-five (45) days after receiving the subdivision administrator's recommendation, the town council shall approve or not approve said improvements. If the town council approves the improvements, then it shall immediately release any security posted.

(c) Submission procedure.

(1) The subdivider shall submit the final plat, so marked to the subdivision administrator not less than fifteen (15) days prior to the planning and zoning commission meeting at which time it will be reviewed. The final plat shall be submitted not more than twelve (12) months after the date on which the preliminary plat was approved, otherwise such approval shall be null and void, unless a written extension of this limit is granted by the town council on or before the twelve (12) month anniversary of the approval.

(2) The final plat shall be prepared by a surveyor or professional engineer licensed and registered to practice in the State of North Carolina. The final plat shall conform to the provisions for plats, subdivisions, and mapping requirements as set forth in G.S. section 47-30.

(3) A sufficient number of copies of the final plat shall be submitted. Two (2) copies of these shall be drawn in ink on linen or film suitable for reproduction. Three (3) copies shall be black or blue line paper prints.

(Ord. of 9-15-81, § 306; Ord. of 2-20-07)