No subdivision or land development shall be approved for recording until the municipality has been assured by means of a proper contract containing, among other items, performance and maintenance guaranties, that the required improvements will subsequently be installed by the owner and/or applicant, hereinafter referred to as the "developer."
In all cases where the necessary grading, paving and other subdivision improvements (including both public and private improvements) required herein shall not have been installed in strict accordance with the standards and specifications of the municipality prior to the municipality approving any subdivision or land development plan for recording, the developer shall enter into a written agreement with the municipality in the manner and form approved by the Borough Solicitor wherein the developer shall agree, to the extent applicable:
A. 
To construct or cause to be constructed at his own expense all streets, roadways, cartways, driveways, monuments, street signs and street names, off-street parking/parking lots, curbs, sidewalks, street tree and buffer plantings, lighting, fire hydrants, water mains, sanitary sewers (including capped sewers), storm sewers, drainage and erosion control improvements, including but not limited to stormwater detention and/or retention basins and other related facilities, recreation facilities, open space improvements and other improvements shown on the approved subdivision or land development plan, all in strict accordance with the standards and specifications of the municipality and within the time specified in said agreement.
B. 
To deposit with the municipality financial security in an amount sufficient to cover the cost of all required subdivision improvements (including both public and private improvements); provided, however, that said financial security shall not include improvements which are part of financial security provided to PennDOT. The financial security shall be posted contemporaneously with the execution of the agreement, in the form of either a bond from bonding company authorized to do business within the commonwealth or such other type of financial security that the governing body may approve in an amount to be approved by the Planning Commission engineer. The bonding company may be chosen by the developer, provided that the bonding company shall stipulate that it submits to Pennsylvania jurisdiction and Lackawanna County venue in the event of legal action. The financial security shall provide for, and secure to the public, the completion of all site improvements for which the security is being posted within one year of the date fixed in the subdivision plan or subdivision agreement for completion of the cost of the required improvements for which financial security is to be posted. The cost of the improvements shall be established by submission to the governing body of bona fide bid or bids from the contractor or contractors chosen by the developer to complete the improvements or, in the absence of such bona fide bids, the cost shall be established by an estimate prepared by the Planning Commission engineer. If the developer requires more than one year from the date of the posting of the financial security to complete the required improvements, the amount of financial security shall be increased by an additional 6% for each one-year period beyond the first anniversary date from posting of financial security or to an amount not exceeding 110% of the cost of completing the required improvements as reestablished on or about the expiration of the preceding one-year period by using the above bidding procedure. The municipality shall be identified on such security as a party to be notified in the event that said security is canceled, revoked or redeemed by the holder thereof.
C. 
In the case where a development is projected over a period of years, the governing body may authorize submission of final plans by sections or stages of development, subject to such requirements or guaranties as to improvements in future sections or stages of development as it finds essential for the protection of any finally approved section of the development.
D. 
If water mains or sanitary sewer lines, or both, along with apparatus or facilities related thereto, are to be installed under the jurisdiction and pursuant to the rules and regulations of a public utility or municipal authority separate and distinct from the municipality, financial security to assure proper completion and maintenance thereof shall be posted in accordance with the regulations of the controlling public utility or municipal authority and shall not be included with the financial security as otherwise required by this section.
E. 
As the work of installing the required improvements proceeds, the developer may request the governing body to release or authorize a reduction, from time to time, of the financial security consistent with the completion and acceptance of portions of the required site improvements. Any such request shall be in writing addressed to the governing body, and the governing body shall have 30 days from receipt of such request within which to allow the Planning Commission engineer to certify, in writing, that such portion of the work upon the improvements has been completed in accordance with the approved plans. Upon such certification, the governing body shall authorize the bonding company or lending institution to reduce the financial security in an amount as estimated by the Planning Commission engineer fairly representing the value of the improvements completed. The governing body may, prior to final approval of the reduction at the time of completion and certification by the Planning Commission engineer, require retention of 10% of the estimated cost of the aforesaid improvements. The Planning Commission engineer, in certifying the completion of work for a partial reduction, shall not be bound to the amount requested by the developer, but shall certify to the governing body his independent evaluation of the proper amount of partial reduction.
F. 
To make adequate provisions with the Planning Commission engineer for the inspection of the construction of the aforesaid improvements to assure strict compliance with municipal standards and specifications.
G. 
To pay all costs, charges or rates of the utility furnishing fire hydrant and electric service for the fire hydrants and street lighting facilities installed by the developer until such time as the streets shown on the subdivision and/or land development plans shall have been accepted or condemned by the municipality for public use, and to indemnify and save harmless the municipality from and against all suits, actions, claims and demands for electric service and fire hydrant service as aforesaid, or any part thereof, to the time that said streets shall be accepted or condemned as public streets in the manner hereinabove set forth.
H. 
To reimburse the municipality promptly for:
(1) 
Reasonable attorneys' and engineers' inspection fees.
(2) 
Fees for other professionals employed by the municipality to review, inspect or process subdivision and land development plans.
(3) 
An administrative charge, representing 10% of the attorneys', engineers' and other professionals' fees.
I. 
The developer shall, when the improvements are completed to the satisfaction of the governing body, offer for dedication, and the municipality may accept said streets and/or other parcels, together with any improvements thereunder or thereupon by a deed in a form approved by the Borough Solicitor. Such deed shall include a reference to a plan of the streets and/or other parcels dedicated; title thereto shall be clear title and be such as will be insurable by a reputable title insurance company of Pennsylvania at regular rates; all in connection therewith to be borne by the developer.
J. 
Where the governing body accepts dedication of all or some of the required improvements following completion (whether such dedication is of the fee-simple form or of an easement), the developer shall post financial security to secure the structural integrity of the improvements and the functioning of the improvements in accordance with the design and specifications as depicted on the final plan. The security shall be in the form as authorized in Subsection B above and shall be for a term of 18 months from the date of the acceptance of dedications and shall be in an amount equal to 15% of the actual cost of installation of the improvements so dedicated. The percentage used to determine the amount of the maintenance guaranty may be increased if all lots in the subdivision or land development do not have dwellings or other principal buildings erected thereon prior to acceptance of dedication.