A completion guarantee or financial security in the form of a bond, cash deposit, cashier's check or other negotiable securities acceptable to the Borough shall provide for, and secure to the Borough, the completion of any improvements which may be required on or before the date fixed in the formal action of approval or accompanying agreement for completion of the improvements. The guarantee or security shall cover any and all stormwater management facilities, BMPs, erosion and sedimentation controls and other required improvements (collectively, "improvements") and shall be equal to 110% of the cost of completion estimated as of 90 days following the date scheduled for completion by the developer. Annually the Borough may adjust the amount of financial security by comparing the actual cost of the improvements which have been completed and the estimated cost for the completion of the remaining improvements as of the expiration of the 90th day after either the original date scheduled for completion or a rescheduled date of completion. Subsequent to said adjustment, the Borough may require the developer to post additional security in order to assure that the financial security equals said 110%. Any additional security shall be posted by the developer in accordance with this section. A proposed amount of the guarantee or financial security shall be tendered by the developer, as prepared by a professional engineer licensed as such in this commonwealth, and shall be certified by said engineer to be a fair and reasonable estimate of such cost of completion. The Borough may refuse to accept such estimate for good cause shown. In the event that the parties cannot agree upon a sum for the guarantee or financial security, the parties shall mutually agree upon a third-party professional engineer licensed in this commonwealth to determine a fair and reasonable estimate for completion, which shall be binding upon the parties. The parties shall equally split the cost of the third-party determination.
The completion guarantee or financial security shall be returned or released upon written certification by the Borough Engineer or a designated agent that improvements and facilities have been installed and completed in accordance with the approved plan and specifications, and upon receipt of the required record drawings and completion certificate as described in § 220-35 and receipt of the required structural integrity maintenance guarantee as described in § 220-44. Once the project is complete, the developer shall notify the Borough of the same. The Borough Engineer shall conduct an inspection of the improvements within 10 days. Within 30 days of receipt of notice of completion, the Borough Engineer shall prepare a report and deliver the same to the developer via certified mail, indicating in detail whether or not the improvements are approved or rejected. The Borough shall be reimbursed for all reasonable and customary costs associated with the inspection(s), which shall be invoiced to the developer in an itemized bill. If the developer disputes the costs of inspection within 100 days of receipt of the itemized bill, the parties shall jointly select a qualified arbitrator. Failure to object within 100 days of receipt constitutes a waiver or the developer's right to dispute the fees and arbitration. If an arbitrator is not selected within 20 days of the request for an arbitrator, the parties may petition the Court of Common Pleas to select the third-party arbitrator. The cost of the arbitrator shall be shared equally by the parties.
If improvements are not installed in accordance with the approved final plans, Borough Council may enforce any corporate bond or any security by appropriate legal and equitable remedies. If proceeds of such bond or other security are insufficient to pay the cost of installing or making repairs or corrections to all the improvements covered by said security, Borough Council may at its option install part of such improvements in all or part of the development and may institute appropriate legal or equitable action to recover the monies necessary to complete the remainder of the improvements. All proceeds, whether resulting from the security or from any legal or equitable action brought against the developer, or both, shall be used solely for the costs associated with the installation of the improvements covered by such security and not for any other Borough purpose.
A. 
When streets, sanitary sewers, stormwater management facilities, BMPs, erosion and sedimentation controls or other required improvements in the development have been completed in accordance with the final plans, such improvements shall be deemed private until such time as they have been offered for dedication to the Borough and accepted by separate resolution of Council or until they have been condemned for use as a public facility. The Borough shall be under no obligation to accept such facilities or controls unless and until the Borough so determines that it is in the best interest of the Borough to do so.
B. 
Prior to acceptance of any improvements or facilities, the Borough Engineer shall inspect the same to ensure that the same are constructed in accordance with the approved plans and are functioning properly.
C. 
The owner shall submit as-built plans for all facilities proposed for dedication.
Prior to acceptance of any improvements or facilities, the applicant shall provide financial security to secure the structural integrity and functioning of the improvements. The security shall:
A. 
Be in the form of a bond, cash, cashier's check or other negotiable securities acceptable to the Borough.
B. 
Be for a term of 18 months.
C. 
Be in an amount equal to 15% of the actual cost of the improvements and facilities so dedicated.
The Borough shall be reimbursed for all internal and external costs incurred in relation to the review, consideration and inspection of permit applications and the subject improvements made pursuant thereto; said fees and costs shall be charged to an applicant. The schedule of fees shall be as described in Appendix E of this chapter.[1] Borough Council may amend and revise, by resolution, from time to time, the schedule of fees to cover the cost of administrative and clerical processing, attendance at meetings including presubmitted and preconstruction meetings, plan and calculation reviews, O&M plan and agreement reviews, site and construction inspections, post-construction inspections and all activities necessary to administer, monitor and enforce the provisions of this chapter. All external fees shall be billed to the applicant at a rate no more than the actual costs charged by professional consultant. In the event that the parties cannot agree to the amount of fees, the parties shall select a neutral third-party arbitrator in the same field as the professional consultant, who shall find the fee reasonable or unreasonable. The arbitrator shall be selected by the parties within 30 days of the date the parties reached an impasse on the costs, and the arbitrator shall schedule a hearing on the fee dispute, within 30 days of their selection. The formal rules of evidence shall not apply at said hearing. If the parties cannot mutually select an arbitrator, they shall petition the Court of Common Pleas to select the arbitrator. The arbitrator shall issue a written determination within 30 days of the date of the hearing. If the fees are determined to be reasonable, they shall be the fee charged to the applicant. If the fees are found to be unreasonable, the arbiter shall set the fee. The parties shall equally split the cost of the arbiter. The decision of the arbiter shall be final and binding upon the parties.
[1]
Editor's Note: Said appendix is included as an attachment to this chapter.