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 uncompleted portion of the required improvements. All required improvements shall be made by the applicant at his expense without reimbursement by the Village.
A. 
In order to ensure that developments perform to the expectations of the Village, a performance escrow shall be established to comply with the requirements of § 7-730 of the Village Law, and which 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 an escrow agreement between the Village and the applicant.
B. 
The escrow shall also provide for an amount determined adequate by the Planning Board and shall be retained for a period of one year after the date of substantial completion of the required improvements to assure their satisfactory condition.
C. 
The performance escrow shall be continued on a year-to-year basis until such time as all of the sewer, water, paving, lighting, or other required improvements have been completed to Village standards and dedication of the streets and any other utility easements has been accepted by the Village.
The Village may employ an inspector to act as agent of the Planning Board for the purposes of assuring the satisfactory completion of improvements required by the Planning Board and shall determine an amount sufficient to defray costs of inspection. The applicant shall pay the Village costs of inspection before the subdivision plat is signed for filing. If the Planning Board or its agent finds, upon inspection, that any of the required improvements have not been constructed in accordance with the approved drawings, the applicant and the bonding company will be severally and jointly liable for the costs of completing said improvements according to specifications.