No final plat or site plan shall be approved by the approval authority until completion of all required improvements, as shown on the approved preliminary plat or site plan or as set forth in the resolution granting preliminary approval, shall have been so certified to the Planning Board by the Township Engineer, unless the developer shall have filed with the Township a performance guaranty sufficient in amount to cover the costs of all such improvements or the uncompleted portions thereof as estimated by the Municipal Engineer, guaranteeing the installation of such uncompleted improvements on or before a date to be specified by the Planning Board.
The performance guaranty required by § 405-65 of this chapter shall be in one of the following forms:
Corporate surety bond furnished by a bonding or surety company authorized to do business in the State of New Jersey.
Certified or cashier's check made payable to the Township of Upper Deerfield.
Certificate of deposit in a recognized banking institution which can be withdrawn only after action by the Township Committee determining that all requirements of final approval have been fulfilled, and which may be claimed by the Township in the event such requirements are not met.
Letter of credit from a recognized banking institution.
All such guaranties shall be drawn in favor of the Township of Upper Deerfield and shall run for a period to be fixed by the Planning Board, but in no case for a term of more than three years. However, with the consent of the obligor and the surety, if there is one, the Township Committee may, by resolution, extend the term of such performance guaranty for an additional period not to exceed three years. The amount of the performance guaranty may be reduced by resolution of the Township Committee when portions of the required improvements have been installed to the satisfaction of the Township Committee and on recommendation of the Township Engineer. All guaranties submitted shall make specific reference to the terms and conditions imposed by the approval authority and should identify the resolution or other action taken by said authority for the purpose.
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 Township for the reasonable cost of improvements not completed or corrected, and the municipality may, either prior to or after the receipt of the proceeds thereof, complete such improvements.
All performance guaranties shall be submitted to the Secretary of the Planning Board. The Secretary of the Planning Board shall forward one copy of the guaranty to the Municipal Engineer, who shall notify the Planning Board and Township Attorney that the performance guaranty is in sufficient amount to assure the completion of all required improvements.
The Secretary of the Planning Board shall forward a copy of the performance guaranties to the Township Attorney, who shall review and approve same as to form and execution. The Township Attorney shall notify the Planning Board as to the acceptability of the performance guaranties in terms of their form and execution.
Upon the granting of final plat approval and after receipt of an approved final plat, the Secretary of the Planning Board shall forward any performance guaranties posted with and accepted by the Planning Board to the Township Clerk for filing. The Planning Board Secretary shall maintain a record of all surety bonds received by the Township in connection with subdivision and shall, within 90 days of the expiration of any surety bond, notify the Township Committee of said pending bond expirations. Copies of said notice shall be sent to the Township Clerk, Township Attorney and Municipal Engineer.
Whenever the approval authority requires a developer to post a maintenance guaranty, it shall be in accordance with the following:
The developer shall execute a maintenance guaranty and post said guaranty with the Township of Upper Deerfield in a sufficient amount for maintenance and repair of all improvements required to be installed by the developer. The maintenance guaranty shall be for a period of two years from the date of final acceptance of the improvement(s) by resolution of the Township Committee, after recommendation of acceptance by the Township Engineer, and its amount shall be equal to 15% of the Township Engineer's estimate of the cost of construction of the required improvements. The maintenance guaranty shall apply to such repairs as may be necessitated by substandard original construction or by damage by the developer in the course of development.
[Amended 6-4-1981 by Ord. No. 234]
All maintenance guaranties shall be submitted to the Township Clerk. The Township Clerk shall forward one copy of the guaranties to the Municipal Engineer, who shall notify the Township Committee and Township Attorney that the maintenance guaranty is in sufficient amount to assure the completion of all required improvements.
The Township Clerk shall forward a copy of the maintenance guaranties to the Township Attorney, who shall review and approve same as to form and execution. The Township Attorney shall notify the Township Committee as to the acceptability of the maintenance guaranties in terms of their form and execution.
Upon acceptance of a maintenance guaranty, the Township Clerk shall notify the Secretary of the Planning Board, who shall maintain a record of all surety bonds received by the Township in connection with developments in accordance with the provisions of § 405-66F of this article.
Release of a maintenance guaranty shall be by resolution of the Township Committee, after recommendation of release of the guaranty by the Township Engineer.
[Added 3-16-2006 by Ord. No. 568; amended 12-30-2009 by Ord. No. 649; 12-30-2010 by Ord. No. 662]
All applications submitted to the Planning Board of the Township of Upper Deerfield shall include a fully executed agreement to pay fees, the form of which shall be as follows: