What are Performance/Maintenance Agreements and Surety (cash, letters of credit)?
A Performance Agreement is legally binding, notarized contract signed by an applicant that requires specific improvements to be constructed or installed according to the site plan or final plat approved by the FMPC/COF. Once the applicant satisfactorily completes the improvements, the Performance Agreement is released and a mandatory one-year Maintenance Agreement is established to ensure the workmanship and materials. The applicant shall choose to post either cash in the form of a cashier’s check payable to City of Franklin or an irrevocable standby letter of credit as the surety that will secure the Performance/Maintenance Agreement. For additional information, click here or call (615) 550-6736. Q: What are Improvements? A: Anything required by the conditional FMPC/COF approval of a site plan or final plat to be constructed or installed for that project. Examples: Streets, sidewalks, water lines, sewer lines, traffic signalizations, landscaping improvements, etc. By Residents: Q: How
