Prior to an action by the Planning Board approving
a plat, the applicant shall be required to complete, in accordance
with the Planning Board's decision and to the satisfaction of the
appropriate Village departments, all the street and other improvements
specified in the action approving said plat or, as an alternative,
to file with the Village Board a bond in an amount estimated by the
Planning Board to secure to the Village the satisfactory construction
and installation of the incomplete portion of the required improvements.
All required improvements shall be made by the applicant at his expense,
without reimbursement by the Village.
Performance bonds shall comply with the requirements
of § 7-730 of the Village Law and shall be satisfactory
to the Village Board as to form, sufficiency and manner of execution.
A period of one year, or such other period as the Planning Board may
determine appropriate, within which required improvements must be
completed shall be specified by the Planning Board and expressed in
the bond. The bond shall also provide that an amount determined adequate
by the Planning Board shall be retained for a period of one year after
the date of completion of the required improvements to assure their
satisfactory condition.
The Village may employ an inspector to act as
agent of the Planning Board, for the purposes of assuring the satisfactory
completion of improvements required by the Planning Board, and shall
determine an amount sufficient to defray costs of inspection. The
applicant shall pay the Village costs before the final plat is signed
for filing. If the Planning Board or its agent finds, upon inspection,
that any of the required improvements have not been constructed in
accordance with the approved drawings, the applicant and the bonding
company will be severally and jointly liable for the costs of completing
said improvements according to specifications.
The Planning Board may accept assurance from
each public utility company whose facilities are proposed to be installed.
Such assurance shall be in writing, addressed to the Board, stating
that such public utility company will make the installations necessary
for the furnishing of its services within a specified time, in accordance
with the approved plat.