Franklin Zoning Ordinance

323 PERFORMANCE AGREEMENTS General Provisions 21 Chapter Franklin Zoning Ordinance Effective December 30, 2019 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 off- site improvements, as applicable, prior to receiving a building permit; or 2. Enter into a performance agreement withtheCityandprovidesufficientsurety 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. 21.2 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 110 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. 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,