The purposes of an improvement agreement are to stipulate the:

5-901A.

Conditions placed on a land development;

5-901B.

Schedule for public and private improvements that a developer will adhere to;

5-901C.

Amount of collateral to be provided by a developer to ensure construction of public and or private improvements; and

5-901D.

Conditions under which the collateral will be forfeited.

Acceptable financial guarantees include: letters of credit from a commercial bank, savings and loan institution, insurance company or other qualified lending institution licensed or authorized to do business in the State of Colorado, or a letter from the Federal Housing Administration or Veterans Administration or other forms of financial guarantees acceptable to the County Attorney and Board of County Commissioners.

In order to ensure implementation and maintenance of a landscape plan, the Board of County Commissioners may require an applicant to provide a financial guarantee pursuant to Section 5-902 for no less than one hundred twenty-five percent (125%) of the current estimated cost of landscaping improvements for a development as estimated by the County Engineer. The guarantee shall be used to ensure installation and continued maintenance and replacement (if necessary) of the landscaping for a period of two (2) years after installation. The agreement shall give the County the unconditional right upon demand to partially or fully complete landscaping or to pay for any improvements or any outstanding bills for work done thereon by any party.

In order to ensure installation of necessary public facilities planned to accommodate a development, the Board of County Commissioners shall require an applicant to provide a financial guarantee pursuant to Section 5-902 for no less than one hundred twenty-five percent (125%) of the current estimated cost of such public improvements as estimated by the County Engineer.

All improvements intended or designated for common use by all lot owners within a subdivision and not accepted for dedication and ownership by the Board of County Commissioner for public use, including, but not limited to, streets, street signs, street resurfacing, widening, improvements and overlay curbs, gutters, curb cuts, pans, aprons, drains, drainage facilities common water and sewer systems, easements and common open space, shall be maintained in perpetuity by the subdivider or an association of homeowners. Prior to granting Final Plat approval, the Board of County Commissioners shall require proof that said homeowners association has been formed and is legally binding to future homeowners.