14.1.1. Surety required. Before plat recordation, land disturbance permit, building permit, or other project close-out, the community development director shall certify that the developer/subdivider/applicant has obtained the necessary bonds, other sureties, and/or agreements that ensure completion of all required public and private improvements on the subject property.

14.1.2. Sureties accepted. Three types of guarantees and sureties shall be provided for as a part of the final plat approval and/or development permitting processes in accordance with the provisions herein:

A.

Performance guarantees.

B.

Maintenance guarantees.

C.

Maintenance agreements/inspections.

(Ord. No. 2023-3, § 1(Exh. A), 6-20-2023)

14.2.1. Purpose. Performance guarantees shall be allowed for required site improvements (public or private) not yet completed at the time a final plat or project closeout is desired. Instead of requiring the completion, installation, and dedication of any and all improvements prior to approval of a final plat or certificate of occupancy or certificate of completion, the city may enter into a written agreement with the developer or subdivider whereby the developer or subdivider shall agree to complete all required improvements prior to the release of the performance guarantee.

14.2.2. Performance guarantee amounts. The performance guarantee shall be payable to the city and shall be in an amount equal to one and one-half times the entire cost, as estimated by the developer or subdivider and verified by the city, of installing all outstanding required improvements.

14.2.3. Duration. The duration of the performance guarantee shall be for no longer than 12 months, or until such lesser time that the improvements are accepted by the city.

14.2.4. Forfeiture. Performance guarantee funds are forfeited if the improvements are not completed and accepted by the city within 12 months.

(Ord. No. 2023-3, § 1(Exh. A), 6-20-2023)

14.3.1. Purpose. Maintenance guarantees shall be allowed for all improvements to be publicly dedicated and/or maintained (e.g.: streets, sidewalks, landscaping) to guarantee the quality and ongoing performance of the installations. Prior to approval of a final plat or final certificate of occupancy/completion (CC/CO), the city may enter into a written agreement with the developer or subdivider whereby the developer or subdivider shall agree to maintain in good repair and living condition all applicable improvements prior to the release of the maintenance guarantee.

14.3.2. Maintenance guarantees amounts. The maintenance guarantee shall be payable to the city and shall be in an amount equal to 60 percent of the construction value for all public improvements, as estimated by the developer or subdivider and verified by the city.

14.3.3. Duration. The duration of the surety shall be for a period of 24 months following the date of approval of a final plat or final certificate of occupancy or certificate of completion.

14.3.4. Forfeiture. Maintenance guarantees shall be forfeited if the improvement fails to be kept in good repair and condition prior to the release of the maintenance guarantee.

(Ord. No. 2023-3, § 1(Exh. A), 6-20-2023)

14.4.1. Purpose. Stormwater maintenance guarantees shall be provided for the ongoing maintenance of stormwater management facilities and features. Prior to approval of a final plat or final certificate of occupancy/completion (CC/CO), the city may enter into a written agreement with the developer or subdivider whereby the developer or subdivider shall agree to maintain in good repair and working order all applicable improvements prior to the release of the maintenance guarantee.

14.4.2. Maintenance guarantee for stormwater facilities amount. The stormwater maintenance guarantee shall be payable to the city and shall be in an amount equal to $5.00/cubic foot of storage provided by the stormwater management facility, as estimated by the developer or subdivider and verified by the city. The guarantee shall be accompanied by the appropriate agreements outlined in section 14.5, maintenance agreements/inspections (stormwater).

14.4.3. Duration. The duration of the surety shall be for a period of 24 months following the date of the approval of a final plat or final certificate of occupancy or certificate of completion.

(Ord. No. 2023-3, § 1(Exh. A), 6-20-2023)

14.5.1. Required for private stormwater facilities. Prior to the issuance of any project close-out, final plat, or certificate of completion/occupancy requiring a stormwater management facility or practice hereunder and for which the city requires ongoing maintenance, the applicant or owner of the site must, unless an on-site stormwater management facility or practice is dedicated to and accepted by the city, execute an inspection and maintenance agreement, and/or a conservation easement, if applicable, that shall be binding on all subsequent owners of the site.

14.5.2. Agreement, generally.

A.

Recordation required. The inspection and maintenance agreement, if applicable, must be approved by the city prior to approval, and recorded in the deed records of the office of the Clerk of the Superior Court of Walton County, Georgia.

B.

Inspector required. The inspection and maintenance agreement shall identify, by name or official title, the person(s) responsible for carrying out the inspection and maintenance.

C.

Owner responsibility.

1.

Responsibility for the operation and maintenance of a stormwater management facility shall remain with the property owner and shall pass to any successor owner, unless an agreement with the city is made whereby the city takes ownership of the facility.

2.

If portions of the land are sold or otherwise transferred, legally binding arrangements shall be made to pass the inspection and maintenance responsibility to the appropriate successors in title. These arrangements shall designate for each portion of the site, the person to be permanently responsible for its inspection and maintenance.

D.

Schedule required.

1.

As part of the inspection and maintenance agreement, a schedule shall be developed for when and how often routine inspection and maintenance will occur to ensure proper function of the stormwater management facility or practice, including their associated landscaping measures.

2.

The agreement shall also include plans for annual inspections to ensure proper performance of the facility between scheduled maintenance and shall also include remedies for the default thereof.

E.

City enforcement. In addition to enforcing the terms of the inspection and maintenance agreement, the city may also enforce all of the provisions for ongoing inspection and maintenance.

(Ord. No. 2023-3, § 1(Exh. A), 6-20-2023)

14.6.1. Mixture of guarantees is allowed. The developer or subdivider shall provide either one, or a combination, of the following guarantees in the amounts and durations specified in this section 14.6, authorized guarantee types. Any expenses associated with the cost verification by the city shall be paid entirely by the applicant.

14.6.2. Bond. Bonds shall be secured from a surety bonding company authorized to do business in the state. The bond shall be payable to the city.

14.6.3. Cash or equivalent security. The developer or subdivider shall deposit cash, an irrevocable letter of credit, or other instrument readily convertible into cash at face value, either with the city or in escrow with a financial institution designated as an official depository of the city.

14.6.4. Escrow. Cash or other instrument is deposited in escrow with a financial institution as provided above, then the applicant shall file with the city an agreement between the financial institution and the applicant guaranteeing the following:

A.

That said escrow amount will be held in trust until released by the community development director and may not be used or pledged by the applicant in any other transaction during the term of the escrow; and

B.

That in case of a failure on the part of the developer or subdivider to complete said improvements/maintenance, the financial institution shall, upon notification of the city to the financial institution of an estimate of the amount needed to complete the improvements, immediately pay to the city the funds estimated to complete the improvements, up to the full balance of the escrow account, or deliver to the city any other instruments fully endorsed or otherwise made payable in full to the city.

(Ord. No. 2023-3, § 1(Exh. A), 6-20-2023)

14.7.1. Failure to complete improvements. Upon default, meaning failure on the part of the applicant to complete the required improvements in the time allowed by this UDC, or as spelled out in the performance or maintenance bond or escrow agreement, then the surety, or financial institution holding the escrow account, shall, if requested by the city, pay all or any portion of the bond or escrow fund to the city up to the amount needed to complete the improvements or maintenance based on an estimate by the city.

14.7.2. Notification of default. Notification may take place following abandonment of the project for more than 90 continuous days. Upon payment, the city, in its discretion, may expend such portion of said funds as it deems necessary to complete all or any portion of the required improvements. The city shall return to the applicant any funds not spent in completing the improvements.

(Ord. No. 2023-3, § 1(Exh. A), 6-20-2023)

14.8.1. Inspection and acceptance required. The city may release a portion of any security posted as the improvements are completed or the maintenance period completed and approved by the community development director. When the community development director approves said improvements, the community development director shall inspect the premises, and if work is found to be completed and satisfactory in accordance with ordinance regulations and approved plans, the community development director shall release the portion of the security posted which covers the approved cost of the improvements and maintenance of satisfactorily completed work that was subject to the security. It shall be the responsibility of the applicant to petition the city for release of guarantees and sureties and to warrant that all improvements subject to the guarantee or surety have been completed to fulfill the requirements of this UDC.

(Ord. No. 2023-3, § 1(Exh. A), 6-20-2023)