Before the approval by the Planning Board of a plat
showing lots, blocks or sites, with or without streets or highways,
or the approval of the development of a plat entirely or partially
undeveloped and which has been filed in the office of the Clerk of
the county wherein such plat is situated prior to the appointment
of such Planning Board and the grant to such Board of the power to
approve plats, such plat or plan of proposed development shall also
show, in proper cases and when required by the Planning Board and
approved by the Board of Trustees, a park or parks suitably located
for playground or other recreation purposes or conservation areas
(for the protection of flora, fauna, trees and wildlife), provided
that such parks or conservation areas do not exceed ten percent (10%)
of the area of the site shown on the plat. In the alternative to requiring
parks or conservation areas, the Planning Board may require, subject
to the provisions of § 247 of the General Municipal Law,
the granting of an open space easement to the Village for any space
or area on the plat characterized by natural scenic beauty or whose
existing openness, natural condition or present state, if retained,
would enhance the present or potential value of neighboring properties
or enhance the conservation of natural or scenic resources and habitat.
Such open space easement may cover an area in excess of ten percent
(10%) of the area of the development site, provided that its economic
effect on the subdivision does not diminish the value thereof by an
amount more than that which would result if ten percent (10%) of the
buildable area of the site shown on the plat were dedicated for park
purposes. If the Planning Board determines that a suitable park or
parks of adequate size can not be properly located in any such plat
or is otherwise not practical or that the establishment of a conservation
area or the granting of an open space easement is not feasible due
to the physical characteristic of the property or that the size of
the park or conservation area or the area of the open space easement
is less than the maximum amount that could be required, the Board
may require, as a condition to approval of any such plat, a payment
to the Village of fees to be determined by the Board of Trustees by
resolution or local law, which fees shall constitute a trust fund
to be used by the Board of Trustees exclusively for Village-owned
parks, playground, recreation, conservation and open space purposes,
including the acquisition of land. The fees required by the Board
of Trustees shall not exceed five percent (5%) of the fair market
value of the development site at the time of approval. A fee schedule
may be established to provide that where the size of parks or conservation
areas or the area covered by an open space easement are less than
the maximum amount that could be required, that the fees shall be
less than the fees required in cases where no parks, conservation
areas or open space easements are established. In approving such plats,
the Planning Board shall require that the streets, highways and driveways
shall be of sufficient width and suitable grade and shall be suitably
located to accommodate the prospective traffic to afford adequate
light and air, to facilitate fire protection and to provide access
of fire-fighting equipment to buildings and to be coordinated so as
to compose a convenient system conforming to the Official Map and
properly related to the proposals shown by the Planning Board on the
Master Plan; that the land shown on such plats shall be of such a
character that it can be used safely for building purposes without
danger to health or peril from fire, flood or other menace; that the
plots shown on said plat shall at least comply with the requirements
of the Village zoning ordinances and regulations; that suitable monuments
have been placed at such block corners and other necessary points
as may be required by the Board and the location thereof is shown
on the map or such plat; and that the parks, conservation areas or
open space areas shall be of reasonable size for Village playgrounds
or other recreation and conservation uses; that all streets or other
public places shown on such plats shall be suitably graded and paved
and that sidewalks, streetlighting standards, curbs, curb cuts, gutters,
street trees, water mains, fire alarm signal devices, including necessary
ducts and cables or other connecting facilities, water mains, sanitary
sewers and storm drains shall be installed all in accordance with
standards, specifications and procedures acceptable to the appropriate
Village departments except as hereinafter provided or, alternatively,
that a performance bond and cash deposit sufficient to cover the full
cost of the same at the expected time of installation and all unpaid
Village expenses relating thereto as estimated by the Planning Board
or other appropriate Village departments designated by the Planning
Board shall be furnished to the Village by the owner; provided, however,
that the amount of cash deposit to be provided shall not exceed twenty-five
percent (25%) of the total estimated cost of said public improvements
and all Village expenses relating thereto. The term "cash deposit"
shall mean the deposit of cash, securities, letters of credit or other
readily negotiable instruments approved by the Village Attorney. Any
interest earned on said cash deposit shall inure to the benefit of
the subdivider. Said bond and cash deposit shall be used to ensure
satisfactory completion and maintenance of required public improvements
until they are accepted by the municipalities or agencies having jurisdiction
thereof, to ensure compliance with the Planning Board decision approving
the plat and to cover the cost of Village engineering inspection and
legal fees necessary to enforce any default thereunder. Upon satisfactory
completion of all of the aforesaid requirements, the bond shall be
canceled and the cash deposit or remaining balance thereof shall be
returned to the owner. The Planning Board may also waive, subject
to appropriate conditions and guarantees, for such period as it may
determine, the provision of any or all such improvements as, in its
judgment of the special circumstances of a particular plat or plats,
are not requisite in the interest of the public health, safety and
general welfare. In the event that the owner shall be authorized to
file the approved plat in sections as provided in Subdivision 7 of
§ 7-728 of this Article, approval of the plat may be granted
upon the installation of the required improvements in the section
of the plat filed in the office of the County Clerk or Register or
the posting of a performance bond and cash deposit covering the cost
of such improvements. The owner shall not be permitted to begin construction
of buildings in any other section until such section has been filed
in the office of the County Clerk or Register and the required improvements
have been installed in such section or a performance bond and cash
deposit covering the cost of such improvements is posted. Such performance
bond shall be issued by a bonding or surety company approved by the
Board of Trustees, and such performance bond shall also be approved
by the Village Attorney as to form, sufficiency and manner of execution.
Such performance bond shall run and such cash deposit shall be held
for a term to be fixed by the Planning Board, but in no case for a
longer term than three (3) years; provided, however, that the term
of such performance bond and cash deposit may be extended by the Planning
Board with the consent of the parties thereto. If the Planning Board
shall decide at any time during the term of the performance bond or
cash deposit that the extent of building development that has taken
place in the subdivision is not sufficient to warrant all the improvements
covered by such performance bond and cash deposit or that required
improvements have been installed as provided in this section and by
the Planning Board in sufficient amount to warrant reduction in the
face amount of said bond or cash deposit or that the character and
extent of such development required additional improvements previously
waived for a period stated at the time of fixing the original terms
of such bond and cash deposit, the Planning Board may modify its requirements
for any or all such improvements, and the face value of such performance
bond and cash deposit shall thereupon be reduced or increased by an
appropriate amount so that the new face value will cover the cost
in full of the amended list of improvements required by the Planning
Board, and any security deposited with the bond and cash deposit may
be reduced or increased proportionately. In the event that any required
improvements have not been installed as provided in this section within
the term of such performance bond and cash deposit, the Village Board
may thereupon expend so much of the cash deposit necessary to complete
the required improvements and declare said performance bond to be
in default and collect the sum remaining payable thereunder, and upon
the receipt of the proceeds thereof, the Village shall install such
improvements as are required and are covered by such performance bond
and cash deposit, but not exceeding in cost the amount of such proceeds.
In making such determination regarding streets, highways, parks and
required improvements, the Planning Board shall take into consideration
the prospective character of the development.