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4 <br /> B. Roads and Access <br /> 1. Preston Loop shall be constructed to standards of the North Carolina <br /> Department of Transportation, within a 50-foot right-of-way, and the <br /> construction shall be inspected and approved by NCDOT. <br /> OR <br /> A letter of credit, escrow agreement, or bond shall be submitted to secure <br /> construction of Preston Loop to the standards of the North Carolina <br /> Department of Transportation. An estimate of the construction cost must be <br /> prepared by a certified/licensed engineer or grading contractor and submitted <br /> to the Planning and Inspections Department. The financial guarantee must <br /> reflect 110% of that estimate and be issued by an accredited financial <br /> institution licensed to do business in North Carolina. <br /> The document describing development restrictions to be recorded with the <br /> Final Plat shall state that the financial guarantee will not be released until the <br /> road construction has been inspected and approved by NCDOT. <br /> 2. The joint driveway serving lots 23 and 24 shall be constructed from Preston <br /> Loop to the north side of the drainage easement prior to the Final Plat <br /> approval for Phase C. <br /> OR <br /> A letter of credit, escrow agreement, or bond shall be submitted to secure <br /> construction of the joint driveway. An estimate of the construction cost must <br /> be prepared by a certified/licensed engineer or grading contractor and <br /> submitted to the Planning and Inspections Department. The financial <br /> guarantee must reflect 110% of the estimate and be issued by an accredited <br /> financial institution licensed to do business in North Carolina. <br /> The document describing development restrictions to be recorded with the <br /> Final Plat for Phase C shall state that the financial guarantee will not be <br /> released until the driveway construction has been inspected and approved by <br /> the Planning and Inspections Department. <br /> 3. An erosion control plan for construction of the roads shall be submitted by the <br /> applicant for review and approval by the Orange County Erosion Control <br /> Division. <br /> 4. Lots 23 and 24 shall access Preston Loop via a joint driveway as shown on the <br /> Preliminary Plat. All lots shall access onto the new subdivision roads. These <br /> restrictions shall be stated in a document describing development restrictions <br /> and requirements to be prepared by Planning Staff and recorded concurrently <br /> with the Final Plat. <br />