331 PERFORMANCE AGREEMENTS Performance Agreement Period 21 Chapter Franklin Zoning Ordinance Effective January 1, 2023 21.3 Performance Agreement Period A. The performance agreement shall remain in force in its original amount until improvements are completed and accepted by the Department of Planning and Sustainability or appropriate City departments, whichever is applicable. B. The period within which each required improvement shall be completed shall not exceed one year from the date of the fully executed performance agreement; however, extensions and reductions may be approved by the Department of Planning and Sustainability or the FMPC, as applicable. 21.4 Extension, Reduction, or Release of Improvements 21.4.1 Extension Period The timeframe for the completion of each improvement within the performance agreement may be extended for a minimum of six months and a maximum of one year at a time. 21.4.2 One Time Performance Reduction The amount of each improvement in performance may be reduced only one time when at least 75 percent of the applicable public improvements, private improvements, landscape improvements, or off-site improvements have been completed. 21.4.3 Maximum Reductions for Public Improvements or Applicable Private Infrastructure A. The one-time reduction of the amount for public improvements, private improvements, or off-site improvements (excluding landscape improvements as per Subsection 21.4.4, Maximum Reductions for Landscape Improvements): 1. Shall not be reduced to less than the actual amount needed to complete the remaining improvements plus estimated inflation increases and/or repairs; 2. Shall not be reduced to less than 50 percent of the performance agreement amount calculated per Paragraph 21.2.1.A, irrespective of the estimated cost of completing the improvements; and 3. Shall not be reduced to an amount less than the required maintenance agreement. B. Costs incurred by the applicant associated with a request for the extension, reduction of the surety, or release of the performance agreement and surety (inclusive of landscape architect or engineering inspections fees, legal fees, and so forth) shall be borne by the applicant, regardless of whether the request is ultimately granted. 21.4.4 Maximum Reductions for Landscape Improvements A. The reduction of the amount for landscape improvements shall not be reduced to less than 75 percent of its original amount, rounded up to the nearest thousand, irrespective of the estimated cost of completing the improvements. B. Costs incurred by the applicant associated with a request for the extension, reduction of the surety, or release of the performance agreement and surety (inclusive of landscape architect or engineering inspections fees, legal fees, and so forth)
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