A Subdivider may execute and file a written Guarantee with the Planning Commission in lieu of actual installation or completion of the required public Improvements or Private Street construction when requesting approval of a Final Plat. The amount of the Guarantee shall be based on a cost estimate provided by the Project Engineer or Developer, approved by Staff, for the cost to complete the public Improvements contained on the section(s) of Final Plat plus a 10 percent contingency fee. Where applicable, engineering, plan review, and construction review fees, etc., shall be required to be a part of the cost estimate. Unit prices used in the cost estimate shall be based on R.S. Means Construction Cost Data, latest edition, and Guarantees shall be made payable to the Planning Commission and be acceptable to Staff and the Planning Commission's legal counsel.
Guarantees shall be in one of the following forms: (1) Cash, check, cashier’s check, or money order; (2) A Subdivision bond secured from an insurance company; (3) An irrevocable standby letter of credit from a financial institution; or (4) A certificate of deposit from a financial institution.