Common use of Conditional Plats Clause in Contracts

Conditional Plats. The issuance and use of conditional plats, prior to the approval of a final plat, shall be permitted by the City. Approval of a conditional plat shall require the Developer to install all required by public improvements or post a financial guarantee of performance for incomplete public improvements. Approval of a conditional plat will allow for the commencement of lot sales, land transfers, and the ability to obtain building permits; however, no certificates of occupancy shall be issued until all required improvements have been installed and accepted, the final plat has been approved in accordance with the Technical Review Committee Policies and Procedures attached hereto as Exhibit U, and the final plat has been recorded with the Register of Mesne Conveyance of Charleston County. A conditional plat shall be valid for a period not to exceed two (2) years from the date such approval is granted by the City. Incomplete public improvements shall be secured by a financial guarantee, such as bank letter of credit, performance bond, or a cashier’s check to the City equal to one hundred twenty five percent (125%) of the cost of completion of such public improvements as certified by the project engineer and approved by the city engineer. The duration of the financial guarantee for a conditional plat shall be for a period not to exceed twenty four (24) months. If no action is taken by the Developer to complete such public improvements, the City, at its option, shall have the discretion to execute the provisions of the financial guarantee to complete the public improvements.