In order that the Town has the assurance that the construction
and installation of such improvements as storm sewer, water supply,
sewage disposal, landscaping, road signs, sidewalks, parking, access
facilities, and road surfacing will be constructed, the Planning Board
shall require that the applicant complete said improvements before
final approval is granted or that the applicant shall enter into one
of the following agreements with the Town:
A.
Furnish bond executed by a surety company equal to the cost of construction
of such improvements as shown on the plans and based on an estimate
furnished by the applicant and approved by the Planning Board. Such
bond shall require the approval of the Town Board and the Town Attorney
as to form, sufficiency, manner of execution and surety.
B.
In lieu of the bond, the applicant may deposit cash, certified check,
an irrevocable bank letter of credit, a certificate of deposit, or
other forms of financial security acceptable to the Town. Acceptable
substitutes, if furnished, shall be kept on deposit with the Town
for the duration of the bond period.
A.
In order that the Town has the assurance that the improvements mentioned
above function properly for a reasonable period, the applicant shall
enter into an agreement with the Town upon completion of the work
required under the installation guarantee so that:
B.
The method of providing the maintenance guarantee shall meet the
approval of the Town Board and the Town Attorney.
Installation and maintenance guarantees to the Town shall provide
that the subdivider, his heirs, successors, and assigns, their agent
or servants, will comply with all applicable terms, conditions, provisions,
and requirements of this chapter; will faithfully perform and complete
the work of constructing and installing such facilities or improvements
in accordance with such laws and regulations. Any such guarantees
shall require the approval of the Town Board and the Town Attorney
as to form, sufficiency, manner of execution and surety, and the same
shall be made payable to the Town.
The construction or installation of any improvements or facilities,
other than roads, for which guarantee has been made by the subdivider
in the form of a bond or certified check deposit, shall be completed
within one year from the date of approval of the final plat. Road
improvements shall be completed within two years from the date of
approval of the final plat. The subdivider may request an extension
of time provided he can show reasonable cause for inability to perform
said improvements within the required time. The extension shall not
exceed six months, at the end of which time the Town may use as much
of the bond or check deposit to construct the improvements as necessary.
The same shall apply whenever construction of improvements is not
performed in accordance with applicable standards and specifications.
When a certified check, performance bond or letter of credit
are made pursuant to the preceding sections, the Town and subdivider
shall enter into a written agreement itemizing the schedule of improvements
in sequence with the cost opposite each phase of construction or installation,
provided that each cost as listed may be repaid to the subdivider
upon completion and approval after inspection of such improvement
or installation. However, 10% of the check deposit, performance bond
or letter of credit shall not be repaid to the subdivider until one
year following the completion, inspection and acceptance by the Town
of all construction and installation covered by the said instrument
as outlined in the subdivider's contract.
Upon approval by the Town Board, the Planning Board after due
notice and public hearing may modify its requirements for any or all
improvements, and the face value of the installation guarantee shall
thereupon be increased or reduced by an appropriate amount so that
the new face value will cover the cost in full of the amended list
of improvements required by the Planning Board and any security deposited
with the installation guarantee may be increased or reduced proportionately.
Periodic inspections during the installation of improvements
shall be made by the Subdivision Inspector to ensure conformity with
the approved plans and specifications as contained in the subdivider's
contract and this chapter. The subdivider shall notify the Subdivision
Inspector when each phase of improvements is ready for inspection.
(At least five days prior to commencing construction of required improvements,
the subdivider shall pay to the Town Clerk the inspection fee required
by the Town Board.) Upon acceptable completion of installation and
improvement, the Town Board shall issue a letter to the subdivider
or his representative certifying the completion of such work.
When the Town Highway Superintendent and the Subdivision Inspector,
following final inspection of the improvements, certify to the Town
Board that all installation and improvements have been completed in
accordance with the contract, the Town Board may, by resolution, proceed
to accept the facilities for which installation and maintenance guarantees
have been provided.
