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HB 1872 Public infrastructure maintenance bonds; City of Charlottesville may require from developers, etc.
SUMMARY AS PASSED HOUSE: (all summaries)
Public infrastructure maintenance bonds. Allows localities to require public infrastructure maintenance bonds from developers and property owners in conjunction with the construction of single- and two-family homes in instances where the provisions of a subdivision ordinance are not applicable. Such maintenance bonds shall not exceed an amount reasonably necessary to maintain and repair publicly owned streets, sidewalks and infrastructure on site or immediately adjacent to the construction and shall not exceed a maximum of $5,000. The ordinance shall make provision for the inspection of bonded improvements within five business days of completion and release of any performance guarantee within five business days of such inspection. This bill is identical to SB 1231.