A.
No plat shall be finally approved unless the streets shown on such
plat have been improved to a mud-free or otherwise permanently passable
condition, or improved as may be required by this chapter, and any
walkways, curbs, gutters, streetlights, fire hydrants, shade trees,
water mains, sanitary sewers, storm sewers and other improvements
as may be required by this chapter have been installed in accordance
with this chapter and its appendixes.[1] In lieu of the completion of any improvements required
as a condition for the final approval of a plat, the applicant shall
deposit with the Borough a financial security in an amount sufficient
to cover the costs of such improvements or common amenities, including,
but not limited to, roads, stormwater detention and/or retention basins
and other related drainage facilities, recreational facilities, open
space improvements, or buffer or screen plantings which may be required.
The applicant shall not be required to provide financial security
for the costs of any improvements for which financial security is
required by and provided to the Department of Transportation in connection
with the issuance of a highway occupancy permit pursuant to Section
420 of the Act of June 1, 1945 (P.L. 1242, No. 428), known as the
"State Highway Law."[2] If water mains or sanitary sewer lines, or both, along
with apparatus or facilities related thereto are to be installed under
the jurisdiction and pursuant to the rules and regulations of a public
utility or municipal authority separate and distinct from the Borough,
financial security to assure proper completion and maintenance thereof
shall be posted in accordance with the regulations of the controlling
public utility or municipal authority and shall not be included within
the financial security as otherwise required by this section.
B.
The amount of financial security to be posted for the completion
of the public improvements shall be equal to 110% of the cost of completion
estimated as of 90 days following the date scheduled for completion
by the developer. The amount of the financial security shall be based
on a cost estimate submitted by the developer or shall be prepared
by the Borough Engineer at the developer's request. The cost
estimate shall be certified as being "a fair and reasonable estimate"
of the cost of the public improvements and common amenities. The entire
ten-percent contingency included in the financial security may be
held for the duration of construction activities and released upon
the Borough's acceptance of the public improvements and common
amenities.
C.
The financial security shall provide for and secure to the public
the completion of any public improvements as required in the final
approval within 24 months of the approval or within another time period
mutually agreed upon by the developer and the Borough. In those circumstances
separate bonds shall provide for those public improvements with a
longer time period. The amount of the financial security may be adjusted
annually in accordance with Section 509(f) of the Municipalities Planning
Code (MPC).[3]
[3]
Editor's Note: See 53 P.S. § 10509(f).
D.
Federal or Commonwealth of Pennsylvania chartered lending institution
irrevocable letters of credit and restrictive or escrow accounts in
such lending institutions shall be deemed acceptable forms of financial
security. Such financial security shall be posted with a bonding company
or a federal or Commonwealth of Pennsylvania chartered lending institution
chosen by the party posting the financial security, provided that
said bonding company or lending institution is authorized to conduct
business within the Commonwealth of Pennsylvania.
E.
The developer shall also pay all required fees, per Article 1100
of this chapter, prior to the release of the plan for recordation.
F.
Acceptance of public improvements.
(1)
Residential developments must have 85% or more of their housing
units completed before the Borough will consider accepting any public
improvements.
(2)
Prior to the acceptance of the public improvements, the following
shall be submitted to the Borough:
(a)
Written report certified by the Borough Engineer
that all required public improvements are completed according to specifications.
(b)
Maintenance guarantee, submitted by the developer,
for public improvements in the amount of 15% of the actual cost of
the installation of the public improvements for a period of 18 months
from the date of acceptance.
(c)
Additional performance guarantee for any remaining
sidewalks.
(d)
Copy of all test results.
(e)
Digital copy of the as-built plans, including final
grades of the entire site in a format acceptable to the Borough.
(f)
Certification by a professional land surveyor that
the monuments have been placed in accordance with the approved plans.
