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.
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.