NC H721

Establishes performance guarantee requirements for subdivision development, allowing developers to choose between surety bonds, letters of credit, or equivalent security forms for completion of required improvements.

Limits performance guarantee amounts to 125% of reasonably estimated completion costs at time of issuance, with extensions for incomplete improvements capped at 125% of remaining work costs.

Requires performance guarantees to be released timely upon city or county acknowledgment that improvements are complete, with developer demonstrating reasonable good faith progress.

Prohibits cities and counties from withholding building permits or certificates of occupancy to compel completion of work on separate properties unless authorized by law or necessary for public safety.

Applies to performance guarantees and extensions issued on or after October 1, 2015.