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HomeMy WebLinkAboutBlake Pond_street light agreeSTATE OF NORTH CAROLINA COUNTY OF HARNETT  PERFORMANCE GUARANTEE AGREEMENT FOR IMPROVEMENTS Purpose. This Performance Guarantee Agreement for Improvements (“Agreement”) is intended to allow developers of subdivisions to provide financial security to guarantee completion, installation and dedication of improvements required under the Harnett County Unified Development Ordinance (“UDO”) in order to be able to record the final plat for a major subdivision prior to completion of all required improvements. This agreement is not executed for the benefit of persons providing services or material to the subdivision, or for the benefit of persons buying lots or homes in the subdivision, or other possiblc third party beneficiaries. 2. Parties. This Agreement is between the County of Hamett, North Carolina, a body politic and political subdivision of the State of North Carolina (“County”) and DRB Grou North Carolina LLC.(the “Developer”). Subdivision. This Agreement applies to property the Developer is developing as Blake Pond, Phase(s) , (the “Subdivision”) located in Hamett County, North Carolina. 4. Improvements. The Developer shall, on or before the 31st day of December 2025, complete as required by the UDO the following improvements in the Subdivision (the “Improvements”): Improvement to be Completed Residential Street Lights Cost to Comiilete $10,150.00 Total Cost: $10.150.00 All Improvements shall be installed in accordance with the UDO and all applicable codes, standards and specifications. Security. To guarantee and secure the performance of Developer’s obligations under this Agreement, the Developer will provide the County eithcr: [ a surety performance bond, [ ) an irrevocable letter of credit, or [ ] cash deposited with the County pursuant to the terms herein, in the amount of $10,150.00, which represents 1.25 times the total cost of the Improvements to be completed, as set forth above (hereinafter referred to as the pers of subdivisions to provide financial security to guarantee completion, installation and dedication of improvements required under the Hamnett County Unified Development Ordinance (“UDO”) in order to be able to record the final plat for a major subdivision prior to completion of all required improvements. This agreement is not executed for the benefit of persons providing services or material to the subdivision, or for the benefit of persons buying lots or homes in the subdivision, or other possible third party beneficiaries. 2. Parties. This Agreement is between the County of Hamnett, North Carolina, a body politic and political subdivision of the State of North Carolina (“County”) and DRB Grou North Carolina LLC.(the “Developer”). Subdivision. This Agreement applies to property the Developer is developing as Blake Pond, Phase(s) l, (the “Subdivision”) located in Hamnett County, North Carolina. 4. Improvements. The Developer shall, on or before the 31st day of December 2025, complete as required by the UDO the following improvements in the Subdivision (the “Improvements”): Improvement to be Completed Residential Street Lights Cost to Complete sio, iso.oo Total Cost: $10.150.00 All Improvements shall be installed in accordance with the UDO and all applicable codes, standards and specifications. 5. Security. To guarantee and secure the performance of Developer’s obligations under this Agreement, the Developer will provide the County either: [ X) a surety performance bond, [ ] an irrevocable letter of credit, or [ ] cash deposited with the County pursuant to the terms herein, in the amount of $10,150.00, which represents 1.25 times the total cost of the Improvements to be completed, as set forth above (hereinafter referred to as the “Security”). If the Developer provides a surety performance bond or an irrevocable letter of credit, it must be in the form approved by County. 6. Approval of Final Plat. When the Security has been provided to the County and the other requirements of the Subdivision Ordinance are met, then the County acting through its Director of Planning Services, will approve the Final Plat of the Subdivision for recording.