A.
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:
(1)
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.
(2)
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.
B.
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.
C.
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.
D.
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.
E.
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.
F.
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.
G.
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.
H.
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.
I.
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.
J.
The obligor shall reimburse the Borough for all reasonable
inspection fees paid to the Borough Engineer for the foregoing inspection
of improvements.
