21 362 Chapter Performance Agreement Period PERFORMANCE AGREEMENTS Franklin Zoning Ordinance Effective January 13, 2026 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. A performance bond, with an automatically renewable feature; or 4. 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 or performance bonds shall be issued by a financial institution or agency located within the United States of America, licensed and registered under the laws of the State of Tennessee. D. A financial institutions’s deposits must be insured by either the Federal Deposit Insurance Corporation or National Credit Union Administration. E. Bonding agencies must have an “A” rating from AM Best Rating System. F. The means for communicating when a letter of credit or performance bond is in default must be included within the language of the surety document. 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 Monitoring and Documenting Improvements A. 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. B. After the completion of all water and sewer public infrastructure improvements associated with an approved site plan, the registered professional engineer or landscape architect described in Paragraph 21.4.A above shall submit as-built drawings to the Water Management Department detailing all constructed improvements, including the pipe locations, depth sizes, fittings, etc. The as-built drawings shall be submitted at least 30 days prior to submittal of: 1. The application for the first building permit for a residential building other
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