When seeking a plat to build on a piece of land, a developer must put up a bond that is held as security in exchange for the developer’s agreement to pay for certain improvements to the public realm, such as sidewalks, street pavers and crosswalks.
Until the recent unprecedented downturn in the real estate market, there was never any reason whereby a developer would seek to vacate a plat, since even if the initial developer decided not to pursue the project and build on the land, having the land already platted was a valuable asset, which, in normal real estate conditions, would be sold along with the land.
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