In order that the town has the assurance that the construction and installation of such improvements as storm sewer, water supply, landscaping, road signs, sidewalks, parking, access facilities and road surfacing will be constructed, the Planning Board may require that the applicant enter into one (1) of the following agreements with the town:
A. 
Furnish a bond executed by a surety company equal to the cost of construction of such improvements as shown on the plans and based on an estimate furnished by the applicant and approved by the Planning Board; or
B. 
Deposit a certified check in sufficient amount equal to the cost of construction of such improvements, as shown on the plans and based on the above estimate.
A. 
Before the final site plan is approved, the applicant shall have executed a contract with the town, and a performance bond or certified check shall have been deposited covering the estimated cost of the required improvements, where required by the Planning Board.
B. 
The performance bond or certified check shall be to the town and shall provide that the applicant, his heirs, successors and assigns, their agent or servants will comply with all applicable terms, conditions, provisions and requirements of this chapter and will faithfully perform and complete the work of constructing and installing such facilities or improvements in accordance with the approved site plan.
C. 
Any such bond shall require the approval of the Town Board and the Town Attorney as to form, sufficiency, manner of execution and surety.
D. 
Wherever a certified check is made, the name shall be made payable to the town.
The construction or installation of any improvements or facilities, other than roads, for which guarantee has been made by the applicant in the form of a bond or certified check deposit, shall be completed within one (1) year from the date of approval of the final site plan. Road improvements shall be completed within two (2) years from the date of approval of the final site plan. The applicant may request an extension of time, provided that he can show reasonable cause for inability to perform said improvements within the required time. The extension shall not exceed six (6) months, at the end of which time the town may use as much of the bond or check deposit to construct the improvements not performed in accordance with applicable standards and specifications.
When a certified check or performance bond is made pursuant to the preceding sections, the town and applicant shall enter into a written agreement itemizing the schedule of improvements in sequence, with the cost opposite each phase of construction or installation, provided that each cost as listed may be repaid to the applicant upon completion and approval after inspection of such improvements or installation. However, ten percent (10%) of the check deposit or performance bond shall not be repaid to the applicant until one (1) year following the completion, inspection and acceptance by the town of all construction and installation covered by the check deposit or performance bond, as outlined in the contract.
Periodic inspections during the installation of improvements shall be made by the Land Use Inspector to ensure conformity with the approved plans and specifications as contained in the contract and this chapter. The applicant shall notify the Land Use Inspector when each phase of improvements is ready for inspection. At least five (5) days prior to commencing construction of required improvements, the applicant shall pay to the Town Clerk the inspection fee required by the Town Board. Upon acceptable completion of installation and improvement, the Planning Board shall issue a letter to the applicant or his representative, and such letter shall be sufficient evidence for the release by the town of the portion of the contract to cover cost of such completed work.
When the Land Use Inspector, following final inspection of the improvements with the Town Superintendent of Highways, certifies to the Town Board that all installation and improvements have been completed in accordance with the contract, the Town Board may, by resolution, proceed to accept the facilities for which bond has been posted or check deposited.