A.
The Planning Board shall require from the developer/applicant/owner
a financial guarantee in a form acceptable to the Planning Board prior
to any site work for the construction of a development requiring a
stormwater management facility. The amount of the financial guarantee
shall be in the amount set by the Planning Board, but shall not be
less than the total estimated construction cost of the stormwater
management facility. The financial guarantee so required in this article
shall include provisions relative to forfeiture for failure to complete
work specified in the approved stormwater management and erosion and
sediment control plan, compliance with all of the provisions of this
bylaw and other applicable laws and regulations, and any time limitations.
The financial guarantee shall not be fully released without a final
inspection of the completed work by the Director of Planning and Conservation
or their designee, submission of as-built plans, and certification
of completion by the Planning Board of the stormwater management facilities
being in compliance with the approved plan and the provisions of this
bylaw.
B.
The performance guarantee required under this bylaw may be in addition
to the performance guarantee required for the development under any
other Town bylaw or regulation. The Planning Board may, at its sole
discretion, allow the performance guarantee required under another
South Hadley bylaw or regulation to substitute for the performance
guarantee required under this bylaw if the Board determines the two
guarantees serve the same function, the purposes of this bylaw are
adequately furthered, and the Director of Planning and Conservation,
or their designee, does not object to the substitution.
C.
The performance guarantee is intended to be used for ensuring that
the stormwater management system functions as designed. In the event
the Planning Board determines (based on input from the Director of
Planning and Conservation or their designee and/or a consultant engineer
retained by the Planning Board) that the system is not functioning
as designed (such as, retaining water in the detention basins for
a period of time longer than anticipated or at levels higher than
anticipated), the Board may utilize proceeds of the performance guarantee
to have work undertaken to remedy the deficiencies. Terms of the performance
guarantee shall be spelled out in a performance guarantee agreement.
If the Planning Board determines that a third-party engineer should
review the site and make recommendations as to whether the system
needs to be modified and/or identify modifications needed to achieve
the stormwater management system's goals, the Board may utilize
portions of the performance guarantee for employment of such an engineer.
If this review determines that the system needs to be modified to
achieve the stormwater management system's goals, the developer
is required to make such modifications as so directed.
