No project shall be considered in compliance with this chapter until
the streets, street signs, sidewalks and walkways, gutters and curbs within
street rights-of-way, buffer planting, shade trees, storm drainage facilities,
sanitary sewer facilities for dedication, water supply facilities, fire hydrants,
lot line markers, survey monuments, streetlights, street trees and other improvements
as may be required have been installed in accordance with this chapter.
All improvements shall be deemed to be private improvements and only
for the benefit of the specific project until such time as the same have been
offered for dedication and formally accepted by the Borough Council by ordinance,
resolution, deed, or other formal document. No responsibility of any kind
with respect to improvements shown on the final plan shall be transferred
until the improvements have been formally accepted. No improvement shall be
accepted for dedication except upon submission of as-built drawings by the
developer and inspection of the final construction.
When the Borough Council has accepted dedication of certain improvements,
it may, at its discretion, require the applicant to submit financial security
to secure structural integrity of said improvements as well as the functioning
of said improvements in accordance with the design and specifications as depicted
on the final plans. Such guarantee shall be posted or shown on the application
for one year after the construction thereof, or until acceptance of improvements
has been consummated, a period not to exceed 18 months. Such financial security
shall be of the same type as required to guarantee construction of improvements,
and shall not exceed 15% of the actual cost of installation of said improvements.