A.
Before approving any subdivision or land development plan for recording, the Board of Commissioners shall require that the Township be assured (by means of a proper development agreement and performance guarantee) that the improvements required by this chapter and the improvements appearing on the plan will be installed in strict accordance with the standards and specifications of this chapter.
B.
Purpose of bond. The bond and other surety agreements shall stand as security for compliance with all Township ordinances, other laws, covenants, stipulations, conditions and rules applicable to the subdivision for which it is filed.
C.
No construction of buildings or paving or sales of any individual lot or condominium unit within a subdivision shall take place in any subdivision unless:
(1)
There is on file, with the Township, a current duly executed performance bond (and security escrow agreement if necessary); or
(2)
Unless all required public improvements, utilities, streets, drainage improvements and easements, sewers and streetlights and all grading necessary to support these public improvements have been completed and accepted by the Board of Commissioners.
D.
If a developer chooses to install all required improvements prior to any building, in place of using performance guarantees, the Township shall as deemed necessary require the developer to have adequate insurance, hold harmless agreements and an escrow account to cover the costs of inspections.
E.
Required improvements for performance guarantee. For the purposes of this chapter, and for use in determining the amount of performance guarantee that a developer is required to post with the Township, the term "required improvements" shall mean:
[Added 7-6-2009 by Ord. No. 07-09]
(1)
All those improvements to be constructed by the developer to be dedicated to the Township as public improvements; and
(2)
Such other improvements that are determined by the Township to be common amenities of a public interest, including but not limited to roads, stormwater detention and/or retention basins and other related drainage facilities, recreational facilities, open space improvements or buffer or screen plantings.