Before approval or recording of a final subdivision plat, the Planning Board may require and shall accept in accordance with the standards adopted by ordinance for the purpose of assuring the installation and maintenance of on-tract improvements:
The furnishing of a performance guaranty in favor of the Borough of Fort Lee in an amount not to exceed 120% of the cost of installation for improvements it may deem necessary or appropriate, including streets, grading, pavement, gutters, curbs, sidewalks, streetlighting, shade trees, surveyor's monuments, as shown on the final map and required by the Map Filing Law, P.L. 1960, c. 141 (N.J.S.A. 46:23-9.9 et seq.), water mains, culverts, storm sewers, sanitary sewers or other means of sewage disposal, drainage structures, erosion control and sedimentation control devices and public improvements of open space.
Provision for a maintenance guaranty to be posted with the governing body for a period not to exceed two years after final acceptance of the improvement, in an amount not to exceed 15% of the costs of the improvement. In the event that other governmental agencies or public utilities automatically will own the utilities to be installed or the improvements are covered by a performance or maintenance guaranty to another governmental agency, no performance or maintenance guaranty, as the case may be, shall be required by the municipality for such utilities or improvements.
Such performance and maintenance guaranties may be in the form of a performance bond which shall be issued by a bonding or surety company approved by the Borough, a certified check returnable to the landowner after full compliance or other type of surety approved by the Borough Attorney. The performance and maintenance guaranties shall be approved by the Borough Attorney as to form, sufficiency and execution.
The developer may pay under protest the amount determined to be his pro rata share of necessary or appropriate improvements; provided, however, such developer shall be required to institute legal proceedings within one year of such payment under protest in order to preserve his right to a judicial determination as to the fairness or reasonableness of the amount allocated by the Planning Board as his pro rata share.
The amount of any performance guaranty may be reduced by the governing body, by resolution, when portions of the improvements have been certified by the Borough Engineer to have been completed. The time allowed for installation of the improvements for which the performance guaranty has been provided may be extended by said body by resolution.
If the required improvements are not completed or corrected in accordance with the performance guaranty, the obligor and surety, if any, shall be liable thereon to the Borough for the reasonable cost of the improvements not completed or corrected and the Borough may either prior to or after the receipt of the proceeds thereof complete such improvements.
When all of the required improvements have been completed, the obligor shall notify the governing body in writing, by certified mail addressed in care of the Borough Clerk of the completion of said improvements and shall send a copy thereof to the Borough Engineer. Thereupon the Borough Engineer shall inspect all of the improvements and shall file a detailed report, in writing, with the governing body, indicating either approval, partial approval or rejection of the improvements with a statement of reasons for any rejection. If partial approval is indicated, the cost of the improvements rejected shall be set forth.
The governing body shall either approve, partially approve or reject the improvements on the basis of the report of the Borough Engineer and shall notify the obligor in writing, by certified mail, of the contents of said report and the action of of said approving authority with relation thereto, not later than 65 days after receipt of the notice from the obligor of the completion of the improvements. Where partial approval is granted, the obligor shall be released from all liability pursuant to its performance guaranty, except for that portion adequately sufficient to secure provision of the improvements not yet approved. Failure of the governing body to send or provide such notification to the obligor within 65 days shall be deemed to constitute approval of the improvements and the obligor and surety, if any, shall be released from all liability, pursuant to such performance guaranty.
If any portion of the required improvements are rejected, the Planning Board may require the obligor to complete such improvements and upon completion, the same procedure of notification, as set forth in this section shall be followed.
Nothing herein, however, shall be construed to limit the right of the obligor to contest by legal proceedings any determination of the governing body or the Borough Engineer.
The obligor shall reimburse the Borough for all reasonable inspection fees paid to the Borough Engineer for the foregoing inspection of improvements.