If required by the Town Board, applicants for subdivision plat approval
shall provide the town with acceptable financial security in an amount sufficient
to guarantee the installation of basic public improvements. Such public improvements
may include public water supply, sewage disposal systems, storm drains and
sewers, roads, pavement markings and traffic signs and signals, sidewalks
and other public improvements.
The construction or installation of any improvements or facilities,
other than roads, for which a financial guaranty has been made pursuant to
this article shall be completed within one year from the date of the approval
of the subdivision plat or special use. Road improvements shall be completed
within two years from the date of approval of the plat. At the end of such
time, if the required public improvements are not completed and accepted by
the town, the town may use as much of the financial security required by this
article to construct and install, maintain or perfect the improvements as
necessary to meet all applicable state and local laws, ordinances, rules and
regulations.
The applicant or developer may request an extension of time to perform
required public improvements, provided that reasonable cause can be shown
for the inability to construct and install said improvements within the required
time. Such extension of time shall not exceed six months.
At least five days prior to commencing construction of required public
improvements, the developer shall pay to the Town Clerk the inspection fee
required by the municipality and shall notify the Town Board of the developer's
intent to proceed, which shall cause inspections to be made to assure that
all applicable specifications and requirements shall be met in the construction
of such improvements and to assure the satisfactory completion of public improvements
required by the Town Board.
Acceptable financial security shall be provided to the town in one of
the following ways:
A.
The applicant or developer shall furnish a bond executed
by a surety company in an amount equal to the cost of construction of the
public improvements as approved by the Town Engineer and required by the Town
Board pursuant to this chapter.
B.
The applicant or developer shall present to the Town
Clerk a certified check in an amount equal to the cost of construction of
the public improvements required by the Town Board pursuant to this chapter.
C.
The applicant or developer shall present to the Town
Clerk an irrevocable letter of credit drawn in favor of the town in an amount
equal to the cost of construction of the public improvements required by the
Town Board pursuant to this chapter.
All required public improvements shall be shown on the subdivision plat,
and the total amount of the required financial security shall be based thereon.
Such estimates shall be certified by a licensed professional engineer and
shall be reviewed by the Town Board for financial adequacy as a guaranty of
construction and of reasonable performance during a warranty period. The Town
Board and the Town Attorney shall jointly review the guaranty agreement for
sufficiency of form and execution and for the soundness of the financial guaranty
offered by the applicant.
When a guaranty agreement has been approved by the Town Board and the
required surety bond, certified check or letter of credit has been received
by the Town Clerk, the town and the applicant or developer shall enter into
a written agreement itemizing the required public improvements, establishing
a schedule for the construction and installation of such improvement. Whenever
feasible, costs shall be organized by logical phases of work completion in
order to facilitate the partial release of funds held as a financial guaranty
by the municipality to the applicant as work is satisfactorily completed.
At such times as the applicant or developer wishes to have guaranty
funds released in consideration of work performed and accepted, the applicant
or developer shall cause to be prepared an accurate statement of the work
performed and accepted as of a date certain. This statement shall use the
same item structure as was employed in the written agreement itemizing the
required public improvements. The applicant or developer, after preparing
such statement, shall submit it for review, approval and signature by an engineer
acting on behalf of the town, by the appropriate municipal inspectors and
by the Town Fiscal Officer. If the statement is approved by the town fiscal
officer, the statement shall be forwarded promptly to the Town Clerk, together
with a recommendation that the amount approved on said statement be released
from the financial guaranty provided by the applicant or developer. Where
the financial guaranty provided by the applicant or developer makes staged
refunding possible, the Town Clerk will then direct, in writing, to the surety
company of the financial institution having custody of the guaranty funds
to release the approved amount of those funds to the applicant or developer.
When the project inspector, following final inspection of the project,
certifies to the Town Board that all required public improvements have been
completed in accordance with all applicable requirements, the Town Board may
act by resolution to accept the public improvements.
Upon acceptance of the required public improvements, a maintenance guaranty shall be established. All such guaranties shall be for 5% of the financial guaranty originally required of the applicant or developer. The applicant or developer may provide a maintenance guaranty by one of the methods provided for in § 185-48 herein, but no maintenance bond shall be for less than $50,000. face value. All maintenance guaranties required by this section shall commence immediately upon acceptance of the required public improvements by the municipality and shall extend for two years therefrom.
If any clause, sentence, paragraph or part of this chapter or application
thereof to any person or circumstances shall be adjudged by any court to be
invalid, such judgment shall not affect, impair or invalidate the remainder
thereof or the application thereof to other persons and circumstances but
shall be confined in its operation to the clause, sentence, paragraph or part
thereof and the persons and circumstances directly involved in the controversy
in which such judgment shall have been rendered.
This chapter shall take effect immediately upon filing with the Secretary
of State of the State of New York.
