[Amended 4-26-2018 by Ord. No. 1-2018]
A. Performance guaranties.
(1)
No final application for development shall be approved by the
Board until the satisfactory completion and performance of those improvements
required by an approval or developer's agreement, ordinance, or regulation
to be dedicated to a public entity, which improvements shall be certified
to the Board by the City Engineer and unless the owner shall have
filed with the municipality a performance guaranty assuring the installation
of those improvements that are to be dedicated to a public entity
on or before an agreed date and as hereinafter provided.
(2)
Before the filing of final subdivision plats or recording of
minor subdivision deeds or as a condition to the issuance of a zoning
permit pursuant to Subsection d of Section 52 of P.L. 1975, c. 291
(N.J.S.A. 40:55D-65) the owner shall have filed with the City a performance
guaranty assuring the installation of those improvements that are
to be dedicated to a public entity on or before an agreed date and
as hereinafter provided.
(3)
A developer or owner shall file with the City a performance
guaranty for privately owned perimeter buffer landscaping as required
by ordinance or imposed as a condition of approval within an approved
phase or section of a development. At the developer or owner's option,
a separate performance guaranty may be posted for the privately owned
perimeter buffer landscaping.
B. Except as hereafter provided, the remaining required
improvements shall be at least 50% completed as to each category set
forth in the performance guaranty within one year from the date of
final approval or by such time as 50% of the lots in the section in
question have been conveyed in any manner by the applicant, whichever
shall first occur. At least 75% of the remaining required improvements
shall be completed as to each category as set forth in the performance
guaranty within 18 months from the date of final approval, or at such
time as 75% of the lots in the section in question have been conveyed
in any manner by the applicant, whichever shall first occur. Such
improvements shall be 100% completed and accepted by the city within
two years from the date of final approval or at such time as all of
the lots in the section in question have been conveyed in any manner
by the applicant, whichever shall first occur. It is the intention
of the governing body that this requirement will provide to those
living in each new section of a development a dwelling unit that is
as complete as possible with respect to tract and individual lot improvements,
and that the requirements for site improvements are adhered to.
C. A performance guaranty estimate shall be prepared by the applicant,
setting forth all requirements for improvements to be dedicated to
a public entity and any privately owned perimeter buffer landscaping
and their estimated cost. Said estimate shall be reviewed by the City
Engineer, who shall either approve or adjust this performance guaranty.
The performance guaranty shall be calculated pursuant to the requirements
of Section 41 of P.L. 1975, c. 291 [N.J.S.A. 40:55D-53a(1)(a)].
D. Other guaranties.
(1)
Temporary certificate of occupancy guaranty.
(a)
In the event a developer or owner seeks a temporary certificate
of occupancy for a development, unit, lot, building, or phase of a
development, the developer or owner shall furnish a separate guaranty
to the City in an amount equal to 120% of the cost of installation
of only those improvements or items which remain to be completed or
installed under the terms of the temporary certificate of occupancy
and which are required to be installed or completed as a condition
precedent to the issuance of the permanent certificate of occupancy
for the development, unit, lot, building or phase of development which
are not covered by an existing performance guaranty. The scope of
the temporary certificate of occupancy guaranty shall be determined
by the City Engineer.
(2)
Safety and stabilization guaranty.
(a)
A developer or owner shall furnish to the City a safety and
stabilization guaranty for the purpose of returning property that
has been disturbed to a safe and stable condition or otherwise implementing
measures to protect the public from access to an unsafe or unstable
condition under the circumstances as set forth within N.J.S.A. 40:55D-53(d).
(b)
The amount of the safety and stabilization guaranty is to be
calculated pursuant to the requirements of N.J.S.A. 40:55D-53(d) and
at the developer's option may be furnished either as a separate guaranty
or as a line item of the performance guaranty.
E. Approval by City Attorney.
(1)
The applicant shall present two copies of all performance guaranties,
temporary certificate of occupancy guaranties, and safety and stabilization
guaranties in amounts equal to 100% of the approved guaranty estimate
for approval as to form and execution by the City Attorney.
[Amended 4-26-2018 by Ord. No. 1-2018]
The performance guaranty, temporary certificate of occupancy
guaranty and safety and stabilization guaranty shall be made payable
and deposited to the City of Somers Point and shall be in the form
of cash or a certified check or an unlimited letter of credit from
a bank or a performance bond in which the owner shall be principal,
the bond to be provided by an acceptable surety company licensed to
do business in the State of New Jersey. The City shall issue its receipt
for such deposits and shall cause the same to be deposited in a bank
named by the municipality in the name of the City to be retained as
a security for completion of all required work or, in the event of
default on the part of the owner, to be used by the City to pay the
cost and expense of obtaining completion of all requirements. Every
performance guaranty shall contain a clause to the effect that a determination
by the City Engineer that the principal has defaulted in the performance
of his obligation shall be binding and conclusive.