Legal Documents of Sweetwater

Code of Sweetwater

Table of Contents » Title 14 Zoning and Land Use Control » Chapter 8 Bonding Requirements For All Site Plans » § 14-801 Requirements and procedure.
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14
Title 14
14-1
Title 14, Chapter 1
14-1001
§ 14-1001
Sweetwater
Title 14 : Zoning and Land Use Control
Chapter 8 : Bonding Requirements For All Site Plans

14-801 : Requirements and procedure.[4]

  1. Completion of improvements. No final subdivision plat or site plan shall be approved by the Sweetwater Regional Planning Commission ("planning commission'') or accepted for recording by the county register of deeds until the developer has completed construction of all required improvements in a satisfactory manner, except as hereinafter provided.
  2. Improvements to be bonded. Said improvements shown on the subdivision plat or site plan include, but are not necessarily limited to, existing road improvements, proposed road construction, driveways, sewer and water extensions or connections, electrical service, tiles, culverts, drainage ways including catch basins, or any other improvements required by the planning commission before the subdivision plat or site plan is approved.
  3. Initial bond. In lieu of completion of required improvements the planning commission may approve a final subdivision plat or site plan when sufficient security is posted with the planning commission to insure the construction of the required improvements in a sum equal to one hundred and twenty percent (120%) of the estimated cost to complete said improvements as determined by the planning commission.
  4. Acceptable security. The bond requirement may be satisfied with a performance bond or surety bond guaranteed by an acceptable bonding company licensed to do business in the State of Tennessee, a cash deposit to be held in escrow by the City of Sweetwater or an agreed escrow agent, or an acceptable irrevocable letter of credit from an FDIC-approved bank (all referred to hereinafter as the "bond") for a term of not less than one (1) year from the date of approval of the final subdivision plat or final site plan made payable to the City of Sweetwater as beneficiary. The bond shall be retained by the City of Sweetwater.
  5. Renewal. If the required improvements have not been completed and approved prior to two (2) months before expiration of the bond, the developer must present evidence of its application to renew the bond or letter of credit at the planning commission meeting at least one (1) month before expiration. The bond shall be renewed in a sum equal to one hundred and twenty percent (120%) of the anticipated cost to complete said improvements at the time of renewal.
  6. Default and execution.
    1. If said improvements are not timely completed and approved, the planning commission shall declare the developer in default and execute on its security by calling the corporate bond, withdrawing the funds from escrow or drawing the funds guaranteed by the letter of credit from the issuer. The bonding company will contract for the completion of said improvements or proceeds of the bond or other security shall be used to defray the costs of completion. The developer shall remain liable for excess costs of completion not covered by the bond.
    2. Written notice of intent to execute shall be given by the appropriate agency not less than thirty (30) days prior to expiration date.
    3. Upon written request, a renewed or new bond may be accepted in lieu of execution of an outstanding security. Such request must be filed and the new bond or other security posted with the planning commission not less than fifteen (15) days prior to expiration of outstanding bond. Such bond shall secure one hundred twenty percent (120%) of the estimated cost of completion at the time of issuance of the renewed or new bond, but it shall not exceed a term of one (1) year. If a new bond is accepted, the outstanding bond shall be allowed to expire or, at the developer's request, it will released.
  7. Completion. If said improvements are timely completed and approved following a final inspection, the bond may be allowed to expire, or at the developer's request, the planning commission shall release the bond.

  8. Successor developer bound. If ownership of the real property shown on the subdivision plat or site plan changes before said improvements are completed and approved, the new owner shall be bound by all the duties and obligations set forth herein to complete the improvements and upon satisfactory completion shall have the right to acceptance of said improvements by the city. (Ord. #541, Dec. 1982, modified, as repolaced by Ord. #1013, Feb. 2023 Ch8_08-05-23)

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Footnotes:
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Duplicate numbering in the original has been corrected; numbers may differ.
Date Last Updated: 08/05/2024
Codification Date: 03/01/2004

Officials at Date of Last Codification:

Mayor - Doyle F. Lowe
Vice Mayor - Sam Moser
Commissioner - Lamar Hughes
Commissioner - Johanna Jinks
Commissioner - Alan Richeson
Commissioner - James A. Stutts
Recorder - Sonya Crush
City Attorney - John Cleveland
 

Date Last Updated: 08/05/2024
Codification Date: 03/01/2004

Officials at Date of Last Codification:

Mayor - Doyle F. Lowe
Vice Mayor - Sam Moser
Commissioner - Lamar Hughes
Commissioner - Johanna Jinks
Commissioner - Alan Richeson
Commissioner - James A. Stutts
Recorder - Sonya Crush
City Attorney - John Cleveland