329 PERFORMANCE AGREEMENTS General Provisions 21 Chapter Franklin Zoning Ordinance Effective July 1, 2024 21.1 General Provisions 21.1.1 Applicability A. Following approval of a site plan or final plat, the applicant shall either: 1. Complete and dedicate all public improvements, complete all private improvements, install all landscape improvements, and complete all offsite improvements, as applicable, prior to receiving a building permit; or 2. Enter into a performance agreement with the City and provide sufficient surety to ensure the completion, construction, installation, and dedication of all required improvements. B. All applicants of site plans or final plats shall be required to enter into a maintenance agreement following the release of the performance agreement, as applicable. See Section 21.6, Maintenance Agreements. 21.1.2 Exemptions The provisions of this Chapter relating to the posting of performance agreements and maintenance agreements shall not apply to any development project by the federal or state government or any political subdivision thereof which has the power to assess taxes on real or personal property; provided, however, that this Chapter shall apply to any nontaxing public or quasi-public entity and to all nonprofit entities. 21.2 Establishment of a Performance Agreement When a performance agreement is required pursuant to Clause 21.1.1.A.2, the Department of Planning and Sustainability shall prepare a performance agreement that individually lists each required improvement. The applicant shall fully execute the performance agreement with the City and provide sufficient surety in accordance with this Chapter. 21.2.1 Calculation of Performance Agreement Amounts A. The performance agreement shall be in the amount of 125 percent of the actual estimated cost of the listed improvements. The performance agreement shall secure satisfactory completion of each required improvement per Subsection 21.2.2, Surety Requirements. B. Infrastructure improvement unit prices are established by the BOMA and the FMPC and are posted on the City website. C. The infrastructure improvements surety amounts shall be calculated by the applicant’s project engineer or design professional, subject to approval by the DRT. As an alternative, the DRT may establish performance agreements for infrastructure. D. Notwithstanding Paragraph 21.2.1.C above, performance agreements for infrastructure shall be subject to approval by the FMPC when an agreement amount deviates from the posted calculations or when an applicant wishes to appeal the amount. E. Landscape improvement amounts shall be calculated by the Department of Planning and Sustainability and approved pursuant to the site plan review and approval process.
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