A.
Preliminary estimate.
(1)
Upon receiving final plat approval of a subdivision
section, the developer's licensed professional engineer shall submit
a preliminary estimate of the cost of the improvements. This shall
be itemized in detail and shall consist of five major sections:
(2)
This estimate shall be submitted to the Town
Engineer, together with a copy of the approved subdivision plat. The
estimate shall include the following items to be covered by a letter
of credit:
(a)
Construction costs.
(b)
Construction costs increase.
(c)
Contingencies 10%.
(d)
Survey monuments and necessary stakeout.
(e)
"As-built" map (record plan).
(f)
Street signs.
(g)
Owner's guarantee 5%.
(h)
Inspection for dedicated facilities (5% minimum).
(i)
Landscaping where applicable.
(j)
Such other items as the Town may require in
connection with a particular subdivision.
B.
The letter of credit shall be written to comply with
the Town agreement format, on file at the Town Clerk's office. Fees
normally charged by the Town (recreation fee and engineering fee)
are not covered on the letter of credit, but must be paid to the Town
prior to the issuance of a building permit or advertising for public
hearing as appropriate. The inspection item shall include a sufficient
allowance for Town inspection of facilities and improvements to be
dedicated. All engineering services related to the construction stage
shall be charged against the inspection account.
C.
The letter of credit shall be written to allow the
Town to draw from the funds to perform any and all work if the developer
does not diligently, systematically and expeditiously perform the
work.
D.
If the developer fails to perform in accordance with
the Town standards and specifications or the site plan, then the Town
shall give written notice of such failure, and developer shall have
a reasonable time not to exceed 15 days to properly perform as provided
for in such notice. Failure of the developer to so correct and perform
the work within such reasonable time, authorizes the Town to perform
and properly complete such items contained in such notice forthwith
and to be reimbursed for the cost thereof under the letter of credit
of the developer to the Town in place and instead of the developer,
as if the funds under such letter of credit were advanced to the developer.
The developer will provide for such authority in the letter of credit
that it issues to the Town under this project.
E.
Such letter of credit shall be issued by a bank, or
a bonding or surety company, or by the owner/developer with security
acceptable to the Town Board, and shall be approved by the Town Board
and the Attorney for the Town as to form, sufficiency and manner of
execution.
A.
When the developer and his contractor wish to have
funds released to cover work performed, the developer's licensed professional
engineer shall prepare an estimate of the work performed as of that
date. The estimate shall use the same format and item breakdown as
required for the preliminary estimate of cost of improvements. The
licensed professional engineer shall certify that the items indicated
in the estimate have, in fact, been installed as determined by his
own measurements. To these periodic estimates, the developer's engineer
shall make a deduction of 10% retained to cover the cost of cleanup,
minor adjustments to manhole tops, and site restoration.
B.
The Town will release from the letter of credit, upon
satisfactory and approved installation of the sanitary and storm sewers,
60% of the money allocated for these items in the letter of credit.
After approved lamping, testing, cleaning, and sealing of manholes,
an additional 30% of the money set aside will be released. Sewers
may not be tested and lamped until the completion of rough road boxing,
but shall be done prior to the placement of road materials. Any pipe
repair work must be done in an approved manner by using acceptable
patented repair sleeves or by removing and replacing damaged pipe.
Repairs to sanitary sewers by using concrete patches or other inferior
workmanship will not be permitted.
