Prior to an action by the Planning Board approving
a subdivision plat, the applicant shall be required to complete, in
accordance with the Planning Board's decision and to the satisfaction
of the appropriate Village departments, all the street, sanitary and
other improvements specified in the action approving said plat or,
as an alternative to file with the Village Board a bond in an amount
estimated by the Planning Board to secure to the Village the satisfactory
construction and installation of the incompleted portion of the required
improvements. All required improvements shall be made by the applicant
at his expense without reimbursement by the Village.
[Amended 3-16-1992 by L.L. No. 4-1992]
Performance bonds shall comply with the requirements
of § 7-730 of the Village Law and shall be satisfactory
to the Village Board as to form, sufficiency and manner of execution.
A period of one year, or such other period as the Planning Board may
determine appropriate, within which required improvements must be
completed shall be specified by the Planning Board and expressed in
the bond. The bond shall also provide that an amount determined adequate
by the Planning Board shall be retained for a period of one year after
the date of completion of the required improvements to assure their
satisfactory condition.