VA HB 771

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Description

Land subdivision and development; mandatory provisions of a subdivision ordinance; periodic partial and final release of certain performance guarantees. Provides that the amount of a certified check, cash escrow, bond, or letter of credit required to be furnished by an owner or developer to a governing body related to certain improvements dedicated for public use within any subdivision shall not exceed the total estimated cost of construction as determined by a duly licensed professional engineer or land surveyor and a reasonable allowance for estimated administrative costs, inflation, and potential damage to existing roads or utilities, which shall not exceed five percent of the estimated construction costs. Current law requires that such amount not exceed the total of the estimated cost of construction based on unit prices for new public or private sector construction in the locality and such reasonable allowance, which shall not exceed 10 percent of the estimated construction costs. The bill also provides that periodic partial releases of certain performance guarantees granted to subdividers or developers may not occur before the completion of at least 15 percent of the public facilities covered by any bond, escrow, letter of credit, or other performance guarantee. Current law provides such partial release may not occur before the completion of at least 30 percent of such public facilities. The bill also requires that a certification of partial or final completion of such public facilities from a duly licensed professional engineer or land surveyor be accepted without requiring further inspection of such public facilities. Current law allows, but does not require, such certifications be accepted without further inspection.