[Amended by Ord. No. 2000-18]
A.
Completion prior to final approval. Prior to the granting of final approval, the subdivider shall have installed or shall have furnished performance guaranties for the ultimate installation of the following:
B.
Certification of completion by Board Engineer. No final plat shall be approved by the Board until the completion of all such required improvements has been certified to the Board by the Board Engineer, unless the subdivision owner shall have filed with the Township a performance guaranty sufficient in amount to cover the cost of all such improvements or uncompleted portions thereof as estimated by the Board Engineer, and assuring the installation of such uncompleted improvements on or before an agreed date.
C.
Connection of utilities. All such installations shall be properly connected with an existing system, or as approved by the Board, and shall be adequate to handle all present and probable future development.
D.
Compliance with design standards. All of the above listed improvements shall be in accordance with the design standards of Article VIII and subject to inspection and approval by the Board Engineer. The Board Engineer shall be notified 24 hours prior to the start of the various phases of the work, and, if discontinued, shall again be notified when the work will be continued.
E.
Performance guaranties.
(1)
As a condition of final subdivision or site plan approval, the reviewing board shall require, for the purpose of assuring the installation of all improvements required under such approval, that the applicant furnish a performance guaranty in accordance with the following requirements and the provisions of N.J.S.A. 40:55D-53, 40:55D-53b, 40:55D-53.3, 40:55D-53.4 and 40:55D-53.5:
(a)
The performance guaranty must run in favor of the Township and be in an amount not to exceed 120%, rounded to the nearest dollar, of the cost of installation of improvements the Township may deem necessary or appropriate, including, but not limited to, streets, grading, pavement, gutters, curbs, sidewalks, streetlighting, shade trees, surveyor's monuments (as shown on the final map and required by the Map Filing Law, N.J.S.A. 46:23-9.9 et seq.), water main, culverts, storm sewers, sanitary sewers or other means of sewage disposal, drainage structures, erosion control and sedimentation control devices, public improvements and landscaping, provided that no more than 10% of the total performance guaranty shall be in cash and the balance shall be in the form of a surety bond issued by a bonding company licensed to do business in the State of New Jersey or a letter of credit issued by a banking institution licensed to do business in the State of New Jersey. Such bond or letter of credit must conform to statutory requirements and be approved and accepted by the Township governing body. The Township Engineer shall review the improvements required by the reviewing board which are to be bonded and itemize their cost. This itemization shall be the basis for determining the amount of the performance guaranty required by the Township and the inspection fees based thereon, and the estimate shall be appended to the performance guaranty. The Township Engineer shall forward his or her estimate of the cost of improvements to the applicant within 30 days after the date of receipt of a request sent by certified mail for this estimate. In the event that any of the improvements to be installed are covered by a performance guaranty to another governmental agency, no performance guaranty shall be required from the Township for such improvements.
(b)
If at any time during the period of time between acceptance of the initial performance guaranty and the date the Township Council formally releases such performance guaranty the Township Council should have reasonable cause to doubt the value, legality, enforceability or effectiveness of such guaranty, all development activity for which such guaranty was established shall be discontinued until such time as a substitute guaranty, in form and substance equivalent to the guaranty which was required to be in place at the time the status of the original guaranty was questioned, shall be delivered to and accepted by the Township Council. By way of illustration and not limitation, the following shall be instances of reasonable cause to doubt the value, legality, enforceability or effectiveness of such guaranties:
[1]
The company issuing the bond shall cease to do business, declare insolvency or bankruptcy or be forced into involuntary bankruptcy.
[2]
The bank, savings and loan, credit union, mortgage banking company or other banking or banking-like entity issuing a letter of credit shall become insolvent, be taken over by any governmental or quasi-governmental agency or company or otherwise cease to do business.
[3]
The issuer of any performance guaranty shall serve on the Township notice of termination or cancellation of such guaranty.
(2)
The amount of any performance guaranty may be reduced by the Township Council, by resolution, when portions of the improvements have been certified by the Township Engineer to have been completed. The time allowed for installation of the improvements for which the performance guaranty has been provided may be extended by the Township Council by resolution.
(3)
If the required improvements are not completed or corrected in accordance with the finally approved development plans and approvals, the obligor and surety shall be liable thereon to the Township for the reasonable cost of the improvements not completed or corrected, and the Township, either prior to or after the receipt of the proceeds of the performance guaranty, may complete such improvements.
(4)
Upon substantial completion of all required street improvements (except for the top course) and appurtenant utility improvements and the connection of the same to the public system, the obligor may request of the governing body as provided in N.J.S.A. 40:55D-53(2)d(1) and (2) a list of all uncompleted or unsatisfactory completed improvements, and the Township Engineer shall respond as required. The Township Council thereafter shall, as provided in N.J.S.A. 40:55D-53(2)e(1), by resolution either approve or reject the improvements based on the Engineer's report and authorize the amount of reduction to be made in the performance guaranty within 45 days of receipt of the list and report prepared by the Engineer. All procedures to be taken in conjunction with a reduction or release of the performance guaranty shall be in accordance with the provisions of N.J.S.A. 40:55D-53 et seq.
(a)
If any portion of the required improvements is rejected, the obligor shall complete such improvements, and, upon completion, the same procedure of notification as set forth in this section shall be followed.
(5)
The obligor shall reimburse the Township for all reasonable inspection fees paid to the Township Engineer for the foregoing inspection of improvements, pursuant to N.J.S.A. 40:55D-53h.