A. 
Preliminary estimate.
(1) 
Upon receiving final plat approval of a subdivision section, the developer's licensed professional engineer shall submit a preliminary estimate of the cost of the improvements. This shall be itemized in detail and shall consist of five major sections:
(a) 
Water system.
(b) 
Sanitary sewers.
(c) 
Storm drains.
(d) 
Grading, paving and sidewalks.
(e) 
Miscellaneous.
(2) 
This estimate shall be submitted to the Town Engineer, together with a copy of the approved subdivision plat. The estimate shall include the following items to be covered by a letter of credit:
(a) 
Construction costs.
(b) 
Construction costs increase.
(c) 
Contingencies 10%.
(d) 
Survey monuments and necessary stakeout.
(e) 
"As-built" map (record plan).
(f) 
Street signs.
(g) 
Owner's guarantee 5%.
(h) 
Inspection for dedicated facilities (5% minimum).
(i) 
Landscaping where applicable.
(j) 
Such other items as the Town may require in connection with a particular subdivision.
B. 
The letter of credit shall be written to comply with the Town agreement format, on file at the Town Clerk's office. Fees normally charged by the Town (recreation fee and engineering fee) are not covered on the letter of credit, but must be paid to the Town prior to the issuance of a building permit or advertising for public hearing as appropriate. The inspection item shall include a sufficient allowance for Town inspection of facilities and improvements to be dedicated. All engineering services related to the construction stage shall be charged against the inspection account.
C. 
The letter of credit shall be written to allow the Town to draw from the funds to perform any and all work if the developer does not diligently, systematically and expeditiously perform the work.
D. 
If the developer fails to perform in accordance with the Town standards and specifications or the site plan, then the Town shall give written notice of such failure, and developer shall have a reasonable time not to exceed 15 days to properly perform as provided for in such notice. Failure of the developer to so correct and perform the work within such reasonable time, authorizes the Town to perform and properly complete such items contained in such notice forthwith and to be reimbursed for the cost thereof under the letter of credit of the developer to the Town in place and instead of the developer, as if the funds under such letter of credit were advanced to the developer. The developer will provide for such authority in the letter of credit that it issues to the Town under this project.
E. 
Such letter of credit shall be issued by a bank, or a bonding or surety company, or by the owner/developer with security acceptable to the Town Board, and shall be approved by the Town Board and the Attorney for the Town as to form, sufficiency and manner of execution.
A. 
When the developer and his contractor wish to have funds released to cover work performed, the developer's licensed professional engineer shall prepare an estimate of the work performed as of that date. The estimate shall use the same format and item breakdown as required for the preliminary estimate of cost of improvements. The licensed professional engineer shall certify that the items indicated in the estimate have, in fact, been installed as determined by his own measurements. To these periodic estimates, the developer's engineer shall make a deduction of 10% retained to cover the cost of cleanup, minor adjustments to manhole tops, and site restoration.
B. 
The Town will release from the letter of credit, upon satisfactory and approved installation of the sanitary and storm sewers, 60% of the money allocated for these items in the letter of credit. After approved lamping, testing, cleaning, and sealing of manholes, an additional 30% of the money set aside will be released. Sewers may not be tested and lamped until the completion of rough road boxing, but shall be done prior to the placement of road materials. Any pipe repair work must be done in an approved manner by using acceptable patented repair sleeves or by removing and replacing damaged pipe. Repairs to sanitary sewers by using concrete patches or other inferior workmanship will not be permitted.
(1) 
See also § 100-8 of Chapter 100, Subdivision of Land.
(2) 
See next page for format to be used by the developer in preparing monthly estimates.[1]
[1]
Editor's Note: So in original; no such text on next page. Consult with Town officials.