21 330 Chapter Establishment of a Performance Agreement PERFORMANCE AGREEMENTS Franklin Zoning Ordinance Effective January 1, 2023 21.2.2 Surety Requirements A. A performance agreement shall be secured by one of the following: 1. An irrevocable standby letter of credit with an automatically renewable feature, often called an “evergreen” letter of credit; 2. A cashier’s check, payable to City of Franklin; or 3. Other method of surety deemed adequate by the Department of Planning and Sustainability. B. The beneficiary of the surety shall be the City of Franklin. C. Letters of credit shall be issued by a financial institution located within the United States of America, organized and operating under the laws of the State of Tennessee or the United States of America, and whose deposits are insured by either the Federal Deposit Insurance Corporation or National Credit Union Administration. D. The financial institution shall permit the letter of credit to be presented for collection at a place physically located within Williamson or Davidson County, Tennessee. Alternatively, the financial institution may choose to provide a means for facsimile presentation, under the following conditions: 1. The financial institution must operate a minimum of one branch or office open to the public, located in Williamson or Davidson County, Tennessee; 2. Presentation of draw documents by the beneficiary shall also be permitted via overnight courier service to the financial institution’s department where issuance of letters of credit transpires; 3. Facsimile numbers for presentation shall be printed in the letter of credit, with a statement that modifications to, or discontinuation of, facsimile numbers shall be provided the beneficiary via amendment; and 4. A means of backup shall be provided in the letter of credit, for an occasion when the facsimile number is inoperable for any reason. Backup information in the letter of credit shall include either: a. A physical location address in Williamson or Davidson County, Tennessee, to be accessed only if the facsimile number is inoperable for any reason; or b. The financial institution shall print in the letter of credit that if for any reason the facsimile number noted in the letter of credit is inoperable at a time when the beneficiary is attempting to present draw documents, then draw documents shall be considered timely when the financial institution is presented with a facsimile machine transmittal showing an attempted presentation by the beneficiary, along with satisfactory draw documents. 21.2.3 Monitoring Improvements The applicant shall have a registered professional engineer or landscape architect, depending on the type of improvements, involved in the installation or construction phase of the project, to monitor construction and determine conformity with approved plans and specifications.
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