(1) The Board of Commissioners may approve a performance bond or escrow account in lieu of the improvements that are required prior to final plat approval. Escrow accounts may be approved only when remaining required improvements are $5,000 or less, and shall be held and invested by the Clallam County Treasurer until such time as all improvements have been certified as completed and installed. Any interest from such accounts shall accrue to the County general fund. Applications for performance bonds or escrow accounts in lieu of improvements must be received at least 120 days prior to the expiration of preliminary plat approval. Applications for approval of a performance bond or escrow account in lieu of improvements must contain all of the following:

(2) In determining whether to accept a performance bond or escrow account in lieu of improvements, the Board of Commissioners shall consider any specific hardship preventing timely completion of improvements, the degree of risk the County would be assuming, and any other factors the Board deems relevant to the protection of the public interest. The Board of Commissioners may, at its sole discretion, reject the bond or escrow account application if it deems there is a significant risk to the County or its citizens. No performance bond or escrow account in lieu of improvements shall be allowed for any land division for which an extension of time pursuant to CCC 29.19.300 has previously been approved. The Board’s decision on any request for a performance bond or escrow account shall be the final decision of the County.

(3) If the Board of County Commissioners approves of an escrow account in lieu of installation of the improvements, the Zoning Administrator and the applicant shall jointly instruct the County Treasurer in writing as follows:

The Treasurer shall hold the amount of ___________________ ($________) in escrow and shall release the monies:

(a) To the applicant upon the first occurring event:

The Zoning Administrator provides written certification to the Treasurer that the required improvements for which the subject escrow account was created have been timely and fully installed; or

Eighteen (18) months have elapsed since the date of filing of the final plat and no claim has been made against the escrow account by the County for installation of the required improvements.

(b) To the Zoning Administrator upon written certification by the Zoning Administrator that twelve (12) months have elapsed since the filing of the final plat and the required improvements for which the escrow account was created have not been installed by the applicant, in whole or in part. The Zoning Administrator shall provide proof to the Treasurer of any costs associated with the installation of the required improvements by the County or its agents and the Treasurer shall release to the Zoning Administrator an amount not to exceed the County’s actual costs of installation, including any administrative costs or expenses incurred by the Zoning Administrator in having the required improvements completed. Any monies remaining after the disbursement to the Zoning Administrator shall be released to the applicant upon written application therefor.

The escrow instructions shall be signed by the Zoning Administrator and applicant and the applicant shall further provide a mailing address and telephone number.

(4) The commencement of foreclosure of any performance bond or escrow account accepted by the Board of Commissioners shall occur within 18 months from the filing of the final plat. Required improvements must be constructed and installed by the land developer within 12 months of the filing of the final plat. Failure on the part of the land developer to satisfy the requirements of the bond or escrow account shall result in the County’s foreclosure on the bond or escrow account. Upon foreclosure, the County shall construct or complete the improvements or contract for the construction or completion of improvements.

(5) All final plats approved with a bond in lieu of improvements or escrow account shall contain a plat note listing the improvements yet to be completed, and stating:

(a) The improvements yet to be completed are the obligation of the land developer. The County has approved a performance bond/escrow account for these improvements, as outlined in Auditor’s File No. ____________, recorded on ____________ _____, ________.

(b) The Administrator shall file a Notice of Completion of Improvements regarding Auditor’s File Number _______________, recorded on ____________ _____, ________, with the County Auditor’s Office within seven (7) days of the County’s determination of completion. A copy of such Notice of Completion shall be provided to the developer for purposes of releasing the bond/escrow account.

(6) Clallam County, the citizens thereof, and the purchasers of the lots in the approved subdivision have no financial liability with regard to the installation of improvements.