H721 - Subdivision Ordinance/Land Development Changes (SL 2015-187)

Overview: S.L. 2015-187 amends and clarifies the law regarding performance guarantees developers are required to provide to cities and counties to assure completion of required improvements to subdivided land. The act requires the developer to demonstrate reasonable, good faith progress toward completion of any improvements that are the subject of a performance guarantee or any extension thereof and caps the amount of any performance guarantee or extension at 125% of the reasonably estimated cost of completing the improvements.

This act became effective October 1, 2015, and applies to performance guarantees or extensions of performance guarantees issued on or after that date.