1. 
Completion of Improvements. The Chairman or Executive Director of the Planning Commission shall sign the final plat, within thirty (30) days of the Planning Commission approval or during the next regularly scheduled meeting, when the applicant completes, in accordance with the Planning Commission's decision and to the satisfaction of the local governmental unit and/or authorities having jurisdiction, all street, sanitary, and other improvements including lot improvements on the individual lots of the subdivision as required in these regulations, specified in the final subdivision plat, and as approved by the Planning Commission, and to dedicate same to the local government having jurisdiction, free and clear of all liens and encumbrances on the property and public improvements thus dedicated.
Bonding.
a. 
The Planning Commission after review by Planning Commission staff, local government engineers and utility engineers, and at its discretion may waive the requirement that the applicant complete and dedicate all public improvements prior to the signing of the final subdivision plat, and that, as an alternative, the applicant post an acceptable bond at the time of the application for final subdivision approval in an amount estimated by the local government engineers and/or utility engineers as sufficient to secure the satisfactory construction, installation, dedication, and any warranty period of the uncompleted portion of required improvements.
b. 
Such bond shall be satisfactory to the Planning Commission as to form, sufficiency, and manner of execution as set forth in these regulations. Acceptable forms of bonding shall be Letters of Credit, Certificate of Deposit, or Cash Deposit as defined in Section VI, and shall include a guarantee of performance.
c. 
Planning Commission staff will summarize Improvement estimates for all phases of Improvement construction, and shall add a standard percentage of ten percent (10%) for contract administration and contingencies.
d. 
Bonding amounts shall be set in a certification or Bonding Estimate Memo by the local government engineers, utility representative, and other interested parties, in consultation with Planning Commission staff, certifying the estimated costs for the applicable entity or Legislative Body to install and complete the Improvements. The aforementioned certified Bonding Estimate Memo must be timely submitted to the Planning Commission staff on or before Friday before the Planning Commission meeting.
e. 
Bonding amounts may be categorized by type of Improvement (street, water, sewer, erosion control, sidewalk, screening, etc.). These amounts shall be aggregated, and one bond shall be provided by the applicant.
f. 
Covenants and Bonding to Run With Land: The Agreement to Timely and Satisfactorily Complete All Improvements shall run with the land and bind all successors, heirs, and assigns of the subject property. The Agreement to Timely and Satisfactorily Complete All Improvements may be recorded.
2. 
Improvements and Bond Release.
a. 
Bond release shall be subject to the applicant's compliance with the inspection process contained in these subdivision regulations (see Section 5.11).
b. 
The period within which required Improvements must be completed shall be specified by the Planning Commission in the final approval unless the applicant can show just cause or difficulty in meeting the one year bond requirement. In such cases, the Planning Commission may extend the completion date for a period of not more than a total of 36 months. All bonded Improvements, including sidewalks, shall be installed within 36 months of final plat approval. The sufficiency of bonding amounts in relation to the costs of completion of the Improvement shall be reviewed quarterly by the Planning Commission staff in consultation with the local government engineers and utility engineers, and after this review and recommendation, the Planning Commission may require adjustment of the bond or not less than 110% of the cost estimate to cover costs of completion of the improvements. Outstanding bonds for subdivisions approved under the previous subdivision Regulations, shall conform to the requirements of these regulations, should any future bond extensions be granted by the Planning Commission.
c. 
Costs for Improvements: The applicant shall build and pay for all costs of permanent and temporary Improvements required by the Planning Commission and shall maintain temporary Improvements for the period specified by the Planning Commission.
d. 
Legislative Bodies: Legislative Bodies to which these bonds or contract provisions apply may file in lieu of said bonds, a certified resolution or ordinance from officers or agencies authorized to act in their behalf, agreeing to comply with the provisions of this Article.
e. 
Failure to Complete Improvements:
i. 
Subdivision Without Bonding: For a subdivision for which no bond has been posted, construction of the Improvements shall begin within one (1) year of approval or all approvals shall be voided. If the improvements are not completed within the one (1) year period, the Planning Commission may grant an extension of not more than two (2) years for completion of all Improvements. If the Improvements are not timely and satisfactorily complete and accepted within the extended time period, the approval shall be deemed to have expired, and the plat shall be voided and not recorded.
ii. 
Subdivision With Bonding: When Lots Have Been Sold and Improvements Have Been Installed: If the Improvements have not been timely and satisfactorily completed, and if a Bond has been posted, the Planning Commission may take one or more of the following actions:
•
Declare the Agreement to Timely and Satisfactorily Complete All Improvements, to be in default and cause the Improvements or any portion thereof to be installed and completed with all due diligence, regardless of the extent of the development at the time the bond is declared to be in default.
•
Complete the Improvements through the appropriate Legislative Bodies, or through a third party, to the extent of the Bond proceeds;
•
Assign, without recourse, the Planning Commission's right to receive funds under the bond to any third party, including a subsequent owner of the subdivision for which the Improvements were not constructed, in whole or in part, in exchange for the subsequent owner's Agreement to Timely and Satisfactorily Complete All Improvements along with any other agreement(s) appropriate under the circumstances;
•
Exercise any other rights or actions which are appropriate under the circumstances or which are available under applicable law.
iii. 
When No Lots Have Been Sold and No Improvements Have Been Installed: In cases where no improvements have been installed and no lots have been sold, the Planning Commission shall void all approvals, and shall send notice to the Developer to ask the Developer for written consent to revoke the recorded plat. Upon written consent from the Developer to revoke the plat, and providing the Developer fully and completely cooperates, the bond may be released; or bond proceeds or the balance thereof, after any cost and expense of the Planning Commission, including the cost of any action, recording fees, and attorney and other professional fees, may be returned to the Developer, after voiding, revocation, and Public Notice are complete. In such event the Developer shall pay all costs and expense, including any attorney and other professional fees the Planning Commission may incur, whether from bond proceeds or otherwise.
iv. 
Calling a bond. A bond may be called by the Planning Commission or staff for the following reasons:
•
For failure to Timely and Satisfactorily Complete, or;
•
At the maturity of the Letter of Credit or Certificate of Deposit, or;
•
After ten (10) days written notice to the Developer, affording the Developer an opportunity to request a hearing to show cause why the bond should not be called. The Planning Commission may call the bond if it deems the calling of the bond before maturity would be in the best interest of the Community (a hearing before the Planning Commission is only required if requested in writing by the Developer). The calling of the bond does not relieve the Developer of the liability of paying the full cost of completing the Improvements, including the cost and expense of contract administration, engineering, attorney and other professional fees. Therefore, the Developer shall be liable for any difference in the cost of completing Improvements, plus contract administration and expenses, exceeds the proceeds from the bond.
v. 
Utilities and/or Legislative Bodies Have No Duty To Expend Public Funds to Complete Improvements: the applicable utility and/or Legislative Body has full and complete discretion over how bond proceeds are spent; and neither the Planning Commission, nor any Utility, nor any Legislative Body shall have any duty to complete Improvements with public funds because the project had bonding, or for any other reason.
f. 
Acceptance of Dedication Offers (based on K.R.S. 100.277): Acceptance of formal offers of dedication of streets, or other public grounds shall be by official action of the local unit of government having jurisdiction. The approval of the Planning Commission of a subdivision plat shall not be deemed to constitute or imply the acceptance by the local unit of government having jurisdiction of any street, or other public improvement on said plat. Any street or other Public Improvement, which has been dedicated, shall be accepted for maintenance by the legislative body after it has received final plat approval by the Planning Commission. Any street that has been built in accordance with specific standards set forth in the Subdivision Regulations or by ordinance shall be, by operation of law, automatically accepted for maintenance by a legislative body forty-five (45) days after inspection and final approval.
g. 
Adverse Economic/Market Conditions or Natural Disaster: The foregoing notwithstanding, all time periods and deadlines in this section are subject to adjustment by the Planning Commission when, in their judgment and sole discretion, makes findings of the fact to the effect that general economic or market circumstances are so extreme as to cause undue hardship to the development community, or when a natural disaster or other unforeseeable circumstance interferes with timely completion of a development. In such cases the Planning Commission may extend time periods, deadlines, or completion dates for multiple periods of one (1) year. All requests by applicants for such time extension shall be made in writing.
3. 
Release or Reduction of Bond.
a. 
Certification of Satisfactory Completion. The governing legislative body will not accept dedication of required improvements until receipt of notification from the Planning Commission that all required improvements have been installed in conformance with these subdivision regulations, standards and specifications. The Planning Commission may release and reduce a bond when the improvements have been satisfactorily completed. Prior to the action of the improvements appropriate inspector, the applicant's engineer and/or surveyor must have certified to the inspector, through submission of a detailed "as built" survey plat of the subdivision indicating location, dimensions, materials, and other information required by the Planning Commission, that the layout of the line and grade of all improvements is in accordance with the construction plans for the subdivision.
b. 
Reduction of Bond. The Planning Commission may reduce the bond upon actual dedication and acceptance of improvements proposed as set forth on the plat. If the Planning Commission authorizes the reduction of the amount of the bond prior to dedication and acceptance of all improvements, the bond shall be reduced to no less than the value of uncompleted work, plus fifteen percent (15%), or thirty-five (35%) of the original principal amount, whichever is greater.
c. 
In order to receive a reduction in the bond, the applicant shall submit a written request, which shall include the following:
i. 
Name of project/subdivision.
ii. 
The name of the person responsible for plan preparation, and the contractor building the improvements
iii. 
A detailed list of Improvements, showing Improvements completed, Improvements remaining to be completed, and itemizing the value of those remaining to be completed.
iv. 
A certification from a licensed professional engineer that the Improvements completed, for which reduction of the bond is requested, are in place and are in accordance with the approved subdivision plat, the approved Improvement plans for the subdivision, and the appropriate Improvement specifications