In lieu of the completion of the work or the provision of a
100% bond as provided herein, the Commission may authorize the filing
of a plan with a conditional approval endorsed thereon. The conditional
approval is intended to allow construction of infrastructure improvements
to begin in accordance with plans, but not to authorize the sale of
lots or construction of homes. Any request for conditional approval
must be accompanied by a cash bond in the amount of 10% of the estimated
cost of the infrastructure improvements required by the Commission.
Any conditional approval shall be specifically conditioned upon the
actual construction, maintenance and installation of utilities and
improvements require by the Commission, or the provision of a bond
to guarantee performance of such items. A final approval will be endorsed
on the plan upon the occurrence of either completion of the improvements
or posting of such bond. Any conditional approval shall lapse three
years from the date it is granted; the developer may apply for and
the Commission may grant a renewal of such conditional approval for
an additional two years. Any person, firm, or corporation, prior to
such final approval, who sells or offers for sale any lot subdivided
pursuant to a conditional approval shall be fined not more than $500
for every lot sold or offered for sale.
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