Methods of paying for improvements.
Richmond, Va., City Code § 25-261
in effectSec. 25-261. - Methods of paying for improvements.
(a) The subdivider shall install all required improvements in a manner which shall meet all City specifications and which shall have City inspection and approval prior to the approval of the final plat.
(b) The subdivider shall enter into a contract with the City agreeing to install all required improvements in a manner which shall meet all City specifications and shall have City inspection and approval and shall furnish to the City a bond with corporate surety in a sum equal to the subdivider's portion of the cost of installing all required improvements as estimated by the City, ensuring that all of the work will be completed within two years. In lieu of such bond, the subdivider may deposit in escrow money or securities, acceptable to the Director of Finance, equal to the estimated amount of the subdivider's portion of the cost of such improvements.
(c) In lieu of Subsections (a) and (b) of this section, the subdivider may request the City to install all improvements as required by depositing with the City in advance the entire estimated amount of the subdivider's portion of the cost of improvements. Upon the completion of such work, if it is found that such estimated cost exceeds the actual cost, the City will refund such excess to the subdivider; if it is found that such estimated cost is less than the actual cost, the subdivider will pay such deficit to the City.
(d) The City will be bound under any contract only to the extent of funds available or which may become available for such improvements in the City contract.
(e) Any requests and approvals for partial or final release of performance guarantees will be processed in accordance with general law.
(Code 1993, § 26-69; Code 2004, § 94-219; Code 2015, § 25-261; Code 2020, § 25-261)
Source: City of Richmond, Virginia, Code (2026 recodification) and Charter (Municode Library, library.municode.com)URL: https://library.municode.com/va/richmond/codes/code_of_ordinances?nodeId=PTIICICO_CH25SULA_ARTIIIREIM_S25-261MEPAIMFetched: 11/8/2026