§ 13.07.150. Guarantee of public improvements.

(a)

In each new subdivision, the Town Council shall determine the type, location and extent of necessary public improvements (the "Public improvements") depending upon the characteristics of the proposed development and its relationship to surrounding areas. Improvements shall be made by the applicant at the applicant's expense according to standards and specifications prepared by a qualified professional engineer in accordance with the Town of Parker Roadway Design and Construction Criteria Manual, as applicable, the Town of Parker Storm Drainage Criteria Manual and other applicable regulations.

(1)

Public improvements, including, but not limited to, all streets, road rights-of-way and sidewalk, drainage and landscape improvements located within street and road rights-of-way, shall conform to the requirements of the Town Transportation Plan, the Town of Parker Roadway Design and Construction Criteria Manual, as applicable, the Town of Parker Storm Drainage Criteria Manual, the Parks and Open Space Master Plan, the Town of Parker Construction Specification and Design Consideration for Parks, Trails and Streetscapes, the Parker Building Code and all other regulations pertaining to the development of land.

(2)

Other reasonable improvements, not specifically mentioned herein and found appropriate and necessary by the Town Council, shall be constructed at the developer's expense within such time and in conformance with such specifications as deemed necessary and appropriate.

(b)

No final plat or minor development plat shall be approved or recorded until the applicant has submitted and the Town Council and/or, where applicable, the Planning Director and Director of Engineering for certain final plats has reviewed and accepted a subdivision agreement (or similar performance agreement) that provides for the construction of all required public improvements shown in the final plat documents and secured by the following:

(1)

Financial guarantee. A financial guarantee in the form of an irrevocable letter of credit or cash arrangement approved by the Town Attorney (the "security") in the amount of one hundred ten percent (110%) of the total construction cost of the public improvements. The Town shall have the right to draw on the security for the purpose of restoring and remediating any site disturbance and/or constructing or completing construction of any public improvements, provided that the Town shall not be obligated to undertake such action if the Town Council, for good cause, deems it inadvisable to do so. In the event the Town draws on the security, neither the applicant nor his or her successors or assigns shall engage in any work on the site until new security is provided to the Town in the amount specified in this Section. Security shall be deposited to warrant the public improvements against defects during the two-year warranty period. Such warranty security shall be posted in the amount of twenty percent (20%) of the total construction cost of the public improvements for the two-year warranty period.

(c)

Restriction on residential approvals. Until the Public Improvements are accepted for probationary purposes by the Town in writing, the Town shall not be obligated to issue any building permits for private improvements within the residential subdivision, except as provided herein. The sidewalks, plant material and related irrigation facilities for a Town-approved landscaping plan for street, road rights-of-way, parks, open space and other public places (the "streetscape/landscape improvements") may be installed after probationary acceptance of the Public Improvements for a subdivision, subject to the following requirements:

(1)

A financial guarantee that complies with this Section in an amount of one hundred and ten percent (110%) of the total cost to purchase and install the streetscape/landscape improvements is provided to the Town, which financial guarantee shall be in place until all of the streetscape/landscape improvements are installed and approved in writing by the Town; provided, however, that the financial guarantee may be reduced to the extent provide herein.

(2)

The plant material and related irrigation facilities portion of the streetscape/landscape improvements may be installed on a lot-by-lot basis; provided that the Town shall not have any obligation to reduce the financial guarantee described in Paragraph (1) above until the plant material and related irrigation facilities for an entire platted block are installed and approved in writing by the Town.

(3)

The sidewalk portion of the streetscape/landscape improvements may be installed on a block-by-block basis; provided that the Town shall have no obligation to reduce the financial guarantee described in Paragraph (1) above until the sidewalks for an entire block are installed and approved in writing by the Town.

(4)

The Town may withhold certificates of occupancy for private improvements within the subdivision for noncompliance with Paragraph (2) above.

(5)

Landscape improvements are not subject to the two-year warranty period described in Paragraph (b)(1) of this Section.

(d)

Additional restrictions of nonresidential approvals. The Town may issue building permits for private improvements within the subdivision prior to the construction and acceptance of the public improvements for nonresidential development, subject to the satisfaction of the following requirements:

(1)

A site plan has been approved as provided in Chapter 13.06 of this Title.

(2)

The property owner has executed the subdivision agreement and provided the financial guarantee described in this Section.

(3)

The subdivision has sufficient access and water to allow for adequate fire protection as determined by the fire protection district.

(4)

The final plat for the subdivision contains a plat restriction that provides that no certificates of occupancy, temporary or otherwise, shall be issued until all public improvements and necessary onsite improvements are completed and accepted in writing by the Town.

(e)

The applicant shall provide the Town with an itemized estimate of the cost of required improvements on a standardized form available from the Department of Engineering in accordance with the requirements of the Town of Parker Roadway Design and Construction Criteria Manual.

(f)

The Department of Engineering shall review the subdivision agreement and the cost estimates and recommend changes as necessary to complete the required improvements.

(g)

The Town Attorney shall review and approve the subdivision agreement in the form set forth in Appendices A-1 and A-2 attached to the ordinance codified herein. A standardized subdivision agreement form is available from the Planning Department.

(h)

The Department of Engineering shall monitor all subdivision agreements and performance agreements. Prior to the expiration of the financial guarantee, the Department of Engineering shall notify the Town Council and developer of the expiration date and estimated cost of the outstanding improvements. An extension of the financial guarantee for the cost of the outstanding improvements shall be required.

(i)

Upon inspection by the Department of Engineering and approval of the public improvements in writing, the Town shall release the financial guarantee as provided in the subdivision agreement at the end of the warranty period.

(Ord. 3.286.3 §1, 2017; Ord. 1.467 §§31, 32, 2015; Ord. 3.286 §4, 2011; Ord. 3.284 §3, 2011; Ord. 3.278 §3, 2009; Ord. 3.147.2 §§1—4, 2004; Ord. 3.147.1 §1, 2001; Ord. 3.147 §2, 2000; Ord. 3.01.30 §§1—3, 1998; Ord. 3.01.18 §§1—4, 1997; Ord. 3.01.4 §1, 1994; PLDO Art. VII §12)