Franklin Zoning Ordinance

325 PERFORMANCE AGREEMENTS Extension, Reduction, or Release of Improvements 21 Chapter Franklin Zoning Ordinance Effective December 30, 2019 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 may be reduced: A. Only one time when at least 50 percent of the public improvements, private improvements, landscape improvements, or off-site improvements (as applicable), have been completed; and B. When the applicant has submitted all information necessary to adequately review the request. 21.4.3 Maximum Reductions for Public Improvements or Applicable Private Infrastructure A. A 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 an amount less than the required maintenance agreement; 2. Shall not be reduced to less than 25 percent of the original amount of the improvements, irrespective of the estimated cost of completing the improvements; and 3. Shall range from 50 to 75 percent of the original amount of the improvements, contingent upon the actual amount of completion of the improvements. B. The request for a reduction for each improvement allowed in Paragraph 21.4.3.A above may be reduced by the applicable City department by up to ten percent to account for possible future inflation costs and/or repairs. C. 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) shall be borne by the applicant, regardless of whether the request is ultimately granted. 21.4.5 Release of Performance Each improvement may be released from performance: A. When a one-year maintenance agreement is established and surety is reduced accordingly;