Every developer shall provide a safety and stabilization guarantee
in favor of the Township of Harding. At the developer's option, a
safety and stabilization guarantee may be furnished either as a separate
guarantee or as a line item of the performance guarantee. A safety
and stabilization guarantee shall only be available to the Township
when: i) site disturbance has commenced and, thereafter, all work
on the development has ceased for a period of at least 60 consecutive
days following such commencement for reasons other than force majeure,
and ii) work has not recommenced within 30 days following the provision
of written notice by the municipality to the developer of the municipality's
intent to claim payment under the guarantee. The Township shall not
provide notice of its intent to claim payment under a safety and stabilization
guarantee until a period of at least 60 days has elapsed during which
all the work on the development has ceased for reasons other than
force majeure. The Township shall provide written notice to a developer
by certified mail or other form of delivery providing evidence of
receipt. The amount of a safety and stabilization guarantee for a
development with bonded improvements in an amount not exceeding $100,000
shall be $5,000. The amount of a safety and stabilization guarantee
for a development with bonded improvements exceeding $100,000 shall
be calculated as a percentage of the bonded development costs of the
development or phase of development as follows: $5,000 for the first
$100,000 of bonded improvement costs, plus 2.5% of bonded improvements
costs in excess of $100,000 up to $1,000,000, plus 1% of bonded improvement
costs in excess of $1,000,000. The Township shall release a developer's
safety and stabilization guarantee upon the developer's furnishing
of a performance guarantee which includes a line item for safety and
stabilization in the amount required by this subsection. The Township
shall also release a developer's safety and stabilization guarantee
upon the municipal engineer's determination that the development of
the project site has reached a point that the improvements installed
are adequate to avoid any potential threat to public safety.