In lieu of the completion of any improvements
required as a condition for the final approval of a plat, the Township
Council shall grant final approval prior to completion, provided that:
A. The developer enters into an agreement with the Township
and a security agency guaranteeing that the improvements will be installed
in accordance with the plans and specifications approved by the Township
prior to plat approval. This agreement should set forth the responsibilities
of each party, the construction schedule, conditions for partial release
of security, inspection of work, definition of default and the developer's
right to appeal a default decision. This agreement shall also guarantee
that no lot will be sold or building constructed in any flood-prone
area prior to completion of all protective works or measures planned
for such lot and necessary access facilities.
B. Simultaneous with the execution of the agreement specified
above, the developer shall provide the Township with a financial security
in an amount sufficient to guarantee the performance of this agreement
and to cover the costs of any improvements or common amenities, including
but not limited to stormwater detention and/or retention basins and
other related drainage facilities, recreational facilities, open space
improvements or buffer and screen plantings which may be required.
(1) Without limitation as to other reasonable types of
financial security which the Township may approve, corporate bonds,
surety performance bonds, subdivision bonds, irrevocable letters of
credit and restrictive or escrow accounts shall be deemed acceptable
financial security for the purposes of this section. Such financial
security shall be posted with a bonding company or federal or commonwealth
chartered lending institution chose by the party posting the financial
security, provided that said bonding company or lending institution
is authorized to conduct such business within the commonwealth.
(2) Such bond or other security shall provide for, and
secure to the public, the completion of any improvements which may
be required within one year of the date fixed in the plat for completion
of such improvements.
(3) The amount of financial security shall be equal to
110% of the cost of the required improvements for which financial
security is to be posted. The cost of the improvements shall be established
by submission to the Township of a bona fide bid or bids from the
contractor or contractors chosen by the party posting the financial
security to complete the improvements, or, in the absence of such
bona fide bids, the cost shall be established by estimate prepared
by the Township Engineer. If the party posting the financial security
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.
(a)
To help the Township to determine a bona fide
bid, the Township Engineer may be asked to review all cost figures
for accuracy.
(b)
The engineer may consider the potential of increased
costs to the Township due to the Pennsylvania Prevailing Wage Act
(Act 422 of 1961).
C. In the case where development is projected over a
period of years, the Township may authorize submission of final plats
by section or stages of development, subject to such requirements
or guaranties as to improvements in future sections or stages of development
as it finds essential for the protection of any finally approved section
of the development.
D. If water mains or sanitary sewer lines, or both, along
with apparatus or facilities related thereto are to be installed under
the jurisdiction and pursuant to the rules and regulations of the
Township Water and Sewer Authority, financial security to assure proper
completion and maintenance thereof shall be posted in accordance with
its regulations and shall not be included within the financial security
as otherwise required by this section.