Following the adoption of resolution approving
of the subdivision plat by the Planning Board, the subdivider shall
comply with Subsection A or B below.
A. Either the subdivider shall complete all requirements
to the satisfaction of the Planning Board and file with the Village
Clerk a maintenance bond for an amount determined by the Village Engineer
to be adequate to assure the satisfactory condition of site improvements
for the period of one year following their completion. Such bond shall
be satisfactory to the Village Attorney as to form, sufficiency, manner
of execution and surety; or
B. The subdivider shall file with the Village Clerk a
performance bond to cover the full cost of the required improvements
in an amount set by the Planning Board and the cost necessary to assure
the satisfactory condition of site improvements for one year following
their completion. A fee of 1 1/2 of the performance bond must
be given to the Village at this time for inspection of the required
improvements by an engineer of the Village's choice. Such bond shall
be satisfactory to the Village Attorney as to form, sufficiency, manner
of execution and surety. The bond shall also provide that an amount
to be determined by the Planning Board to be adequate shall be retained
for a period of one year from the date of completion of the required
improvements to assure the satisfactory condition of the initial improvements.
If the bond is not filed within 45 days after the resolution granting
approval of the plat, the plat will not be signed by the Chairman
and Secretary, thereby rendering the subdivision process null and
void.
C. All required improvements shall be completed to the
satisfaction of the Planning Board within four months after the date
of initial title transfer with respect to any lot or dwelling fronting
on a street shown on the subdivision and before the issuance of any
building permit, failing which the Village may order such improvements
to be installed and charge the expense to the subdivider. In the case
of exceptionally large subdivisions or where other circumstances require,
the Planning Board may grant a reasonable extension of time beyond
such four-month period or, alternately, may approve the completion
of only a portion of the required improvements within the period specified.
The bond shall be released only upon certification by the Village
Engineer that all the required improvements have been completed to
his satisfaction. All required improvements shall be made at the expense
of the subdivider without reimbursement by the Village or any district.
(See also § 23 below.)
D. When the Planning Board, due to development outside
the subdivision, requires a standard of improvements higher than that
which is sufficient to serve the subdivision, the amount of the bond
to be posted shall be deemed to be satisfactory if it adequately covers
the cost of improvements which would be normally required.
The Planning Board may waive, for such period
as it may determine, the provision of any improvements as in its judgment
are not necessary to fulfill the express purposes of these regulations.
In the case of each waiver granted, the Planning Board shall enter
upon its records the reason or reasons why the particular improvement
is not necessary, and it shall attach appropriate conditions or require
such guaranties as may be necessary to protect the public interest.
If at any time before or during the construction
of required improvements it is demonstrated to the satisfaction of
the Planning Board that unforeseen conditions make it necessary or
preferable to modify the location or design of such required improvements,
an engineer designated by the Planning Board may suggest and the Planning
Board may approve such modifications upon written request of the subdivider,
provided that such modifications are within the spirit and intent
of the Planning Board's approval and do not waive or substantially
alter the function of any improvement required by the Board. The Planning
Board minutes shall specify any authorization under this section.
Where utilities required by the Planning Board
are to be installed by a public utility company, the Planning Board
may accept written assurance, addressed to the Board from the public
utility company, that such installations will be furnished by the
company within a specified period of time and in accordance with the
approved construction plans.