8.27.22 Development Agreements

The mayor, with the approval of the Town of Daniel legislative body, may enter into a development agreement with individuals or entities. Development agreements may be recorded at a master plan level, site plan, or at a final plat approval or all phases of approval. (1) Maintenance Obligations. Any development which pursuant to Town of Daniel ordinances, conditions of approval or agreement requires ongoing maintenance obligations to be performed by the developer must comply with the following. (a) Identify the homeowners’ association or other entity intended to undertake the ongoing maintenance obligations. (b) Provide all legal documentation necessary for such entity including binding agreement to provide continued maintenance. (c) Provide a cash, escrow or letter of credit bond sufficient to pay for the estimated cost, as approved by the Town of Daniel, to provide said maintenance for twenty-five (25) years. The bond may be released once a homeowners’ association or other ongoing entity is sufficiently established, as determined by the planning director, to carry out the maintenance obligations. (a) Transfer Maintenance Obligations. It is anticipated that developer will transfer certain maintenance obligations to the homeowners’ association. The association shall be a non-profit corporation formed in accordance with the state and federal law. The association shall have authority to impose fees sufficient to perform the maintenance obligations transferred to it. (b) Written Transfer Agreement Required. In the event developer transfers developer’s maintenance obligations to the homeowners’ association, developer shall do so by written transfer agreement approved by the Town of Daniel.