No plan shall receive final approval unless
the streets shown have been improved to a permanently passable condition,
or improved as may be required by this chapter, and any walkways,
bikeways, curbs, gutters, streetlights, fire hydrants, shade trees,
water mains, sanitary sewers, storm drains and other improvements
as may be required by this chapter have been installed. In lieu of
the completion of any improvements, the developer shall furnish to
the Township financial security with such surety as the Board of Supervisors
shall approve, in an amount sufficient to cover the costs of any improvements
which may be required. Such financial security shall provide for and
secure to the public the completion of any improvements which may
be required on or before the date fixed in the formal action of approval
or accompanying agreement for completion of improvements. The amount
of financial security to be posted for completion of the required
improvements shall be equal to 110% of the cost of completion estimated
as of 90 days following the date of scheduled for completion by the
developer. Annually the Township may adjust the amount of the financial
security by comparing the actual cost of the improvements which have
been completed and the estimated cost for the completion of the remaining
improvements as of the expiration of the 90th day after either the
original date scheduled of completion or a rescheduled date of completion.
Subsequent to said adjustment, the Township may require the developer
to post additional security in order to assure that the financial
security equals said 110%. Any additional security shall be posted
by the developer in accordance with this section.
The amount of financial security required shall be based upon an estimate of the cost of completion of the required improvements, submitted by an applicant and prepared by a professional engineer licensed as such in the Commonwealth of Pennsylvania and certified by such engineer to be a fair and reasonable estimate of such cost. The Township, upon recommendation of the Township Engineer, may refuse to accept such estimate for good cause shown. If the applicant or developer and the Township are unable to agree upon an estimate, the procedures set forth in the Pennsylvania Municipalities Planning Code, Article
V, Section 509 (g) shall be followed. If the developer requires more than one year from the
date of posting of the financial security to complete the required
improvements, the amount of financial security may be increased by
an additional 10% for each one-year period beyond the first anniversary
date from posting of financial security or to an amount not exceeding
110% of the cost of completing the required improvements as reestablished
on or about the expiration of the preceding one-year period by using
the above bidding procedure.
Where the Township accepts dedication of all
or some of the required improvements following completion, the Township
may require the posting of financial security to secure structural
integrity of the improvements in accordance with the design and specifications
as depicted on the final plan for a term not to exceed 18 months from
the date of acceptance of dedication. The amount of this financial
security shall not exceed 15% of the actual cost of installation of
the improvements.
Where the Township accepts dedication of all
or some of the required improvements following completion, the Township
shall require the posting of 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 shown
on the final plan. The maintenance period shall be 18 months from
the date of acceptance of dedication. The financial security shall
be of the same type as described in these regulations, and the amount
of the financial security for maintenance shall be 15% of the actual
cost of installation of said improvements.
In the event that any required improvements
have not been installed as provided for in these regulations, or in
accordance with the approved final plan, the Township shall have the
power to enforce any corporate bond or other security by appropriate
legal and equitable remedies. If the proceeds of such bond or other
security are insufficient to pay the cost of installing or making
repairs or corrections to all the improvements covered by said security,
the Township may, at its option, install part of such improvements
in all or part of the subdivision or land development and may institute
appropriate legal action to recover the moneys necessary to complete
the remainder of the improvements. All of the proceeds, whether resulting
from the security or from any legal or equitable action brought against
the developer, or both, shall be used solely for the installation
of the improvements covered by such security.
The contract shall also provide for engineering
inspections, insurance, reimbursement of expense to the Township,
procedure upon default and other subjects related to the development
of the land.