HomeMy WebLinkAboutOrdinance 3958 ORDINANCE NO. 3958
AN ORDINANCE AMENDING CHAPTER 159: SUBDIVISION
REGULATIONS, SECTION 159. 34, GUARANTEES IN LIEU
OF INSTALLED IMPROVEMENTS, OF THE CODE OF
FAYETTEVILLE, TO ALLOW FOR THE DEPOSIT OF U.S.
CURRENCY, A PERFORMANCE/SURETY BOND, OR AN
IRREVOCABLE LETTER OF CREDIT FOR THE DELAY OF
CERTAIN REQUIRED IMPROVEMENTS.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section 1 That Chapter 159: SUBDIVISION REGULATIONS, § 159. 34, Guarantees
in lieu of installed improvements, of the Code of Fayetteville shall hereby be repealed and the
following shall be inserted in its stead :
§ 159.34 GUARANTEES IN LIEU OF INSTALLED IMPROVEMENTS.
A. SUBDIVISIONS AND RESIDENTIAL LARGE SCALE
DEVELOPMENTS. The Planning Commission may approve a subdivision final
plat or a residential large scale development plan prior to the installation of the
final pavement, sidewalks, tree replacements or landscaping if all other required
improvements have been substantially completed as determined by the City
Engineer after the final inspection, provided the developer deposits with the City,
U.S . currency, a performance/surety bond, or an irrevocable letter of credit from
a bank or banking institution doing business in this state which is a member of the
Federal Deposit Insurance Corporation in an amount equal to 150 percent of the
estimated cost of the uncompleted improvements as determined by the City
Engineer's Office.
B. OTHER LARGE SCALE DEVELOPMENTS . The Planning
Commission may approve an office, commercial or industrial large scale
development plan prior to the installation of all the required improvements;
however, no building permits may be issued until one of the following has
occurred:
(1 ) All of the required improvements have been completed, or
(2) The developer deposits with the City, U.S. currency, a
performance/surety bond, or an irrevocable letter of credit from a bank or banking
institution doing business in this state which is a member of the Federal Deposit
Insurance Corporation in an amount equal to 150 percent of the estimated cost of
the uncompleted improvements as determined by the City Engineer's Office.
C. DEPOSIT OF U .S. CURRENCY. In the case of deposit of U. S.
currency, if after 270 days, the improvements have not been constructed, the City
has the following options:
Page 2
Ordinance No. 3958
( 1 ) Construct the remaining improvements using the U .S.
currency, in which case any balance remaining after the improvements have been
constructed, shall be returned to the developer, or
(2) Continue to hold the U .S. currency until the developer
completes the required improvements, in which case, after the City Engineer
certifies that the improvements have been complete, the entire deposit shall be
returned to the developer.
D. PRESENTATION OF AN IRREVOCABLE LETTER OF
CREDIT. In the case of an irrevocable letter of credit, if after 270 days, the
improvements have not been constructed, the City has the following options:
(1 ) Call the irrevocable letter of credit and use the proceeds to
construct the remaining improvements, in which case any balance remaining after
the improvements have been constructed, shall be returned to the developer, or
(2) Amend the irrevocable letter of credit or require the developer
to provide another irrevocable letter of credit for any uncompleted improvements
in an amount equal to 150 percent of the estimated cost of remaining
improvements as determined by the City Engineer's Office, in which case, after
the City Engineer certifies as to which improvements have been completed, the
guaranteed amount for any completed improvements may be returned to the
developer.
E. PERFORMANCE/SURETY BOND. In the case of a
performance/surety bond, if after 270 days, the improvements have not been
constructed, the City has the following options :
(1) The Surety shall be notified and the parties shall proceed under the
terms of the bond.
(2) Amend the performance/surety bond or require the developer to
provide another performance/surety bond for any uncompleted improvements in an
amount equal to 150 percent of the estimated cost of remaining improvements as
determined by the City Engineer's Office.
PASSED AND APPROVED this 2nd day of April 1996.
• F' " f " ` , . APPROVE
red Hanna, Mayor
,BY1
•` Lmlradi Paul, City Clerk
ORDINANCE NO. 3958 C. DEPOSIT S.
CURRENCY. In to of
AN ORDINANCE AMENDING deposit of U.S. currency, it af- p p. l� p/ LU
CHAPTER 159: SUBDIVISION ler 270 days, the improve- 1� V G Y
REGULATIONS, SECTION mems have not been con-
159.34, GUARANTEES IN structetl, the options: has the fol-
LIEU OF INSTALLED IM- ( 1 )lowC nsuct A4 12 1996
PROVEMENTS, OF THE CODE ( 1 ) Construct the g the, U.S. STATE OF ARKANSAS !'. 1
OF FAYETTEVILLE, TO AL- improvements using the U.S.
LOW FOR THE DEPOSIT OF currency, in airing after
any Ss. FINANCE DEPT,
U.S. CURRENCY, A PERFOR. balance encs remaining after the Count of Washington
MANCEISURETY BOND, OR improvements shall be been con- Y B
AN IRREVOCABLE LEITER OF structetl, shall be returned 10 n , q /I _ P,
CREDIT FOR THE DELAY OF the developer, or 1r�IwAt•1~iAi IA !`.'�wN1A+
er-
CERTAIN REQUIRED IM. . (2) Continue to hold the U.S. I, hereby
PROVEMENTS. currency until the developer tify that I am the publisher o E NOR HWEST ARKANSAS TIMES, a daily
completes the required iaf- newspaperhavin asecond class mailing privilege, and being not less than four pages of
BE IT ORDAINED BY THE provements, in which case, af- B 8 P B . B i B
CITY COUNCIL OF THE ter the City Engineer certifies five wlumns each, published at a fixed place of business and at a fined (daily) intervals
CITY OF FAYETTEVILLE, that the improvements have continuous) 1n the Cit of Fayetteville, Count of Washington, Arkansas for more than
ARKANSASi been Shall complete,returned entire to the aperiod of twelve months, circulated and distributed from an established place of business
developer. to subscribers and readers generally of all classes in the Cil and Count for a definite nee
Section I1.O That Chapter 159: , j B Y Y Y P
SUBDIVISION REGULATIONS, D. PRESENTTATION OF foreachcopy, or a fixed price per annum, which price was fixed at what isconsidemd the
§installed
, G proveees to lieu of AN IRREVOCABLE LET. value of the publication, based upon the news value and service value it contains, that at
instae Im Fayetteville
s the TER OF CREDIT. In the P po
Coda of Fayetteville shall case of an irrevocable letter least fifty percent of the subscribers thereto have paid cash for their subscriptions to the
he'a
be repealed and the of credit, if after 270 days, the newspaper or its agents or through recognized news dealers over a period of at least six
fbllovSng shall be inserted in im rovements have not been '
Gits
5tead: • anstrucled, the City has the months; and that the said newspaper publishes an avemgeofmore than forty percent news
$159.34 GUARANTEES IN following options: matter.
' LIEU OF INSTALLED IM- (1 ) Call the irrevocable letter
PROVEMENTS. of credit uandct the
to construct the remaining se I further certify that the legal notice hereto attached in dee matter of
-A. SUBDIVISIONS AND provements, tri which case
RESIDENTIAL LARGE any balance remaining after _ 1 . M IL JprQ
SCALE DEVELOPMENTS. the improvements have been LJM I(n ri-� 3 ✓Lw
The Planning Commission constructed, Shall be relurnetl '
to the developer, or was published inthe regular daily may approve a subdivision (2) Amend,�the irrevocable let- P 8 y issue of said newspaper for
final plat or a residential ter of credit or require the de- consecutive insertions as follows:
large scale development plan veloper, to .provide another ir-
prior to the installation of the , revocable letter of credit for
final pavement, sidewalks. Jany uncompleted improve- The first insertion on the irIL 10 da ofl9
tree replacements or land- ments in an amount equal to Y
scaping if all other required 150 percent of the estimated
improvements have been sub- cost of remaining improve- the second insertion on the da of 19
stantially completed as deter- ments.as determined by the Y
mined by the City Engineer af- City Engineer's Office, in
ter the final inspection, pro- which case, after the City En- the third insertion on the da of 19
vided the developer deposits gineer certifies as to which y
with the City, U.S. currency, a improvements have been
performance/surety bond, or completed, the guaranteed and the fourth insertion on the day of 19
an irrevocable letter of credit amount for any completed im-
from a bank or banking institu- rovements may be returned
tion doing business ipn this y
state which is a member of the to the developer.
Federal Deposit Insurance E. �PERFORMANCEISURE-
Corporation p percent
amount TY BOND. In the case of a
equal to 150 percent of the per bond, it
estimated cost m the uncom- after 270 days the improve- ublisher / Ge Manager
pletetl improvements as tle- ments have not been con-
s
(iucted, the City has the fol-
_ gineer's Office. lowing options:
B. OTHER LARGE SCALE (Il The Surety shall be noti-
DEVELOPMENTS. The fled and the parties shall
Planning Commission may ' proceed under the terms of
approve an office, commer- bond.
tial or industrial large scale �2�) Amend the performance/
development plan prior to the cloprety bond or require the tle-
er to
installation of all the required performance/surety
improvements: however, no ( performannce/surety bond for
provide another
building permits may be any uncompleted improve-
building mems ian amount equal to
issued until one of the follow- 750 percent of the estimated
ing has occurred: cost of remaining im rove- Sworn to and subscribed before me on this I da of
( 1 ) All of the required im- ments as determined by the y
provements have been cam-. City Engineer's Office.
pletetl, or o
(2) The developer deposits PASSED AND AP. ^' 19
with the City, U.S. currency, a PROVED this 2nd day of [[[[
performance/surety bond, or April, 1996. LL[[(( [
an irrevocable letter of credit �[[�[(([ I SWIM; I
from a bank or banking insti- APPROVED: `.
tution doing busines In this By: Fred Hanna, Mayor
slate which is a member bf the t pWb11e, C@40 yg105 Notary Public
Federal Deposit Insurance ATTEST: f t NQ1� ,Vitt
tOtt P1
Corporation in an amount - BY Traci Paul_City Clerk My Commission Expires: i wmj29
qual to 150 percent of the
estimated cost of the unborn. �c4_
Plated improvements as de-
termined by the City En-
gineer's Office. 1�
Fees for Printing dU
$ -AM
Cost of Proof $
Total