Before the approval by the Planning Board of a plat
showing lots, blocks or sites, with or without streets or highways,
or the approval of the development of a plat entirely or partially
undeveloped and which has been filed in the office of the Clerk of
the county wherein such plat is situated prior to the appointment
of such Planning Board and the grant to such Board of the power to
approve plats, such plat or plan of proposed development shall also
show, in proper cases and when required by the Planning Board and
approved by the Board of Trustees, a park or parks suitably located
for playground or other recreation purposes or conservation areas
(for the protection of flora, fauna, trees and wildlife), provided
that such parks or conservation areas do not exceed 10% of the land
area shown on the plat. In the alternative to requiring parks or conservation
areas, the Planning Board may require, subject to the provisions of
§ 247 of the General Municipal Law, the granting of an open
space easement to the Village for any space or area on the plat characterized
by natural scenic beauty or whose existing openness, natural condition
or present state, if retained, would enhance the present or potential
value of neighboring properties or enhance the conservation of natural
or scenic resources and habitat. Such open space easement may cover
an area in excess of 10% of the area of the development site, provided
that its economic effect on the subdivision does not diminish the
value thereof by an amount more than that which would result if 10%
of the area of the site shown on the plat were dedicated for park
purposes. If the Planning Board determines that a suitable park or
parks of adequate size cannot be properly located in any such plat
or are otherwise not practical or that the establishment of a conservation
area or the granting of an open space easement is not feasible due
to the physical characteristics of the property or that the size of
the park or conservation area or the area of the open space easement
is less than the maximum amount that could be required, the Board
may require, as a condition to approval of any such plat, a payment
to the Village of fees to be determined by the Board of Trustees by
resolution or local law, which fees shall constitute a trust fund
to be used by the Board of Trustees exclusively for Village-owned
park, playground, recreation, conservation and open space purposes,
including the acquisition of land. The fees required by the Board
of Trustees shall not exceed 5% of the market value of the development
site at the time of approval. A fee schedule may be established to
provide that where the size of parks or conservation areas or the
area covered by an open-space easement is less than the maximum amount
that could be required, the fees shall be less than the fees required
in cases where no parks, conservation areas or open space easements
are established. In approving such plats, the Planning Board shall
require that the streets, highways and driveways shall be of sufficient
width and suitable grade and shall be suitably located to accommodate
the prospective traffic, to afford adequate light and air, to facilitate
fire protection and to provide access of fire-fighting equipment to
buildings and to be coordinated so as to compose a convenient system
conforming to the Official Map and properly related to the proposals
shown by the Planning Board on the Master Plan; that the land shown
on such plats shall be of such a character that it can be used safely
for building purposes without danger to health or peril from fire,
flood or other menace; that the plots shown on said plat shall at
least comply with the requirements of the Village zoning ordinances
and regulations; that suitable monuments have been placed at such
block corners and other necessary points as may be required by the
Board, and the location thereof is shown on the map or such plat;
that the parks, conservation areas or open space areas shall be of
reasonable size for Village playgrounds or other recreation and conservation
uses; that all streets or other public places shown on such plats
shall be suitably graded and paved and that sidewalks, streetlighting
standards, curbs, curb cuts, gutters, street trees, water mains, fire
alarm signal devices, including necessary ducts and cables or other
connecting facilities, water mains, sanitary sewers and storm drains
or combined sewers and storm drains shall be installed all in accordance
with standards, specifications and procedures acceptable to the appropriate
Village departments, except as hereinafter provided, or alternatively
that a performance bond and cash deposit sufficient to cover the full
cost of the same at the expected time of installation and all unpaid
Village expenses relating thereto as estimated by the Planning Board
or other appropriate Village departments designated by the Planning
Board shall be furnished to the Village by the owner; provided, however,
that the amount of cash deposit to be provided shall not exceed 25%
of the total estimated cost of said public improvements and all Village
expenses relating thereto. The term "cash deposit" shall mean the
deposit of cash, securities, letters of credit or other readily negotiable
instruments approved by the Village Attorney. Any interest earned
on said cash deposit shall become part of the cash deposit and inure
to the benefit of the cash deposit fund and follow the disposition
of the fund. Said bond and cash deposit shall be used to insure satisfactory
completion and maintenance of required public improvements until they
are accepted by the municipalities or agencies having jurisdiction
thereof, to insure compliance with the Planning Board decision approving
the plat and to cover the cost of Village engineering inspection and
legal fees necessary to enforce any default thereunder. Upon satisfactory
completion of all of the aforesaid requirements, the bond shall be
canceled and the cash deposit or remaining balance thereof shall be
returned to the owner. The Planning Board may also waive, subject
to appropriate conditions and guaranties, for such period as it may
determine, the provision of any or all such improvements as, in its
judgment of the special circumstances of a particular plat or plats,
are not requisite in the interest of the public health, safety and
general welfare. In the event that the owner shall be authorized to
file the approved plat in sections as provided in Subdivision 6 of
§ 7-728of this article, approval of the plat may be granted upon
the installation of the required improvements in the section of the
plat filed in the office of the County Clerk or Register or the posting
of a performance bond and cash deposit covering the cost of such improvements.
The owner shall not be permitted to begin construction of buildings
in any other section until such section has been filed in the office
of the County Clerk or Register and the required improvements have
been installed in such section or a performance bond and cash deposit
covering the cost of such improvements is posted. Such performance
bond shall be issued by a bonding or surety company approved by the
Board of Trustees, and such performance bond shall also be approved
by the Village Attorney as to form, sufficiency and manner of execution.
Such performance bond shall run and such cash deposit shall be held
for a term to be fixed by the Planning Board, but in no case for a
longer term than three years; provided, however, that the term of
such performance bond and cash deposit may be extended by the Planning
Board with the consent of the parties thereto. If the Planning Board
shall decide at any time during the term of the performance bond or
cash deposit that the extent of building development that has taken
place in the subdivision is not sufficient to warrant all the improvements
covered by such performance bond and cash deposit or that required
improvements have been installed, as provided in this section and
by the Planning Board, in sufficient amount to warrant reduction in
the face amount of said bond or cash deposit or that the character
and extent of such development required additional improvements previously
waived for a period stated at the time of fixing the original terms
of such bond and cash deposit, the Planning Board may modify its requirements
for any or all such improvements; and the face value of such performance
bond and cash deposit shall thereupon be reduced or increased by an
appropriate amount so that the new face value will cover the cost
in full of the amended list of improvements required by the Planning
Board, and any security deposited with the bond and cash deposit may
be reduced or increased proportionately. In the event that any required
improvements have not been installed, as provided in this section,
within the term of such performance bond and cash deposit, the Village
Board may thereupon expend so much of the cash deposit necessary to
complete the required improvements and declare said performance bond
to be in default and to collect the sum remaining payable thereunder;
and upon the receipt of the proceeds thereof, the Village shall install
such improvements as are required and are covered by such performance
bond and cash deposit, but not exceeding in cost the amount of such
proceeds. In making such determination regarding streets, highways,
parks and required improvements, the Planning Board shall take into
consideration the prospective character of the development, whether
dense residence, open residence, business or industrial.