No project shall be considered to be in compliance with this chapter until the streets, storm drainage facilities, sewer facilities, survey monuments, and other required facilities have been installed in compliance with the provisions of this chapter.
A.
The applicant shall agree, in writing, to construct streets and other improvements from the lot or lots to be sold or built upon to an existing improved street, subject to the provisions of § 320-5B herein. The work shall be performed in strict accordance with approved plans and Schuylkill Township standards and specifications and, where applicable, the provisions of the Pennsylvania Department of Transportation specifications, Form 408, latest edition.
B.
No plan shall be finally approved until the applicant has completed all of the necessary and appropriate improvements as required as a condition for final approval of a plan or until such time as the applicant has provided for the deposit with the Township Supervisors of escrow funds, or a security acceptable to the Township Supervisors in an amount sufficient to cover 110% of the costs of any improvements which may be required, estimated as of 90 days following the date scheduled for completion by the applicant or developer. The escrow funds or security shall be posted prior to the initiation of construction.
C.
Such financial security shall be posted with a bonding company or federal- or commonwealth-chartered lending institution chosen by the party posting the financial security, provided the bonding company or lending institution is authorized to conduct such business within the commonwealth and shall conduct all legal activities regarding the security according to the laws of the commonwealth.
D.
Such bond, or other security, shall provide for, and secure to the public, the completion of any improvements which may be required on or before the date fixed in the formal action of approval or accompanying agreement for completion of the improvements.
E.
The Township Supervisors may annually adjust the amount of financial security by comparing the actual cost of the improvements which have been completed and the estimated cost for the completion of the remaining improvements as of the expiration of the 90th day after either the original or rescheduled date planned for completion. Subsequent to this adjustment, the Township Supervisors may require the applicant to post additional security in order to assure that the financial security equals the 110%. Any additional security shall be posted by the applicant in accordance with this section.
F.
The amount of financial security shall be based upon an estimate of the cost of completion of the required improvements submitted by the applicant and prepared by a professional engineer licensed as such in this commonwealth and certified by such engineer to be fair and reasonable. The Township Supervisors, upon the recommendation of the Township Engineer, may refuse to accept such estimate for good cause shown. If the applicant and the Township Supervisors are unable to agree upon an estimate, then the estimate shall be recalculated by another professional engineer licensed as such in this commonwealth and chosen mutually by the Township Supervisors and the applicant. The estimate certified by the third engineer shall be presumed fair and reasonable and shall be the final estimate. In the event that a third engineer is so chosen, fees for the services of said engineer shall be paid equally by the Township Supervisors and the applicant.
G.
If the party posting the financial security requires more than one year from the date of posting of the financial security to complete the required improvements, the amount of financial security may be increased by an additional 10% for each one-year period beyond the first anniversary date from posting of the financial security or to an amount not exceeding 110% of the cost of completing the required improvements as reestablished on or about the expiration of the preceding one-year period by using the above bidding procedure.
H.
In the case where development is projected over a period of years, the Township Supervisors may authorize the submission of final plans by section or stages of development subject to such requirements or guarantees as to improvements in future sections or stages of development as it finds essential for the protection of any finally approved section of the development.
I.
As the required improvements are installed, the applicant posting the financial security may request the Township Supervisors to release or authorize the release, from time to time, such portions of the financial security necessary for payment to the contractor or contractors performing the work. Any such requests shall be in writing, and the Township Supervisors shall have 45 days from receipt of such request to allow the Township Engineer to certify, in writing, to the Township Supervisors that such portion of the work has been completed in accordance with the approved plan. Upon such certification, the Township Supervisors shall authorize release by the bonding company or lending institution of an amount as estimated by the Township Engineer fairly representing the value of the completed improvements or, if the Township Supervisors fail to act within said forty-five-day period, the Township Supervisors shall be deemed to have approved the release of funds as requested. The Township Supervisors may, prior to release at the time of completion and certification by the Township Engineer, retain 10% of the estimated cost of the remaining improvements. This sum shall be returned upon the completion of all improvements.
[Amended at time of adoption of Code (see Ch. 1, General Provisions, Art. I)]
J.
If sanitary sewer lines or water supply systems and facilities are to be installed under the jurisdiction and pursuant to the rules and regulations of the Valley Forge Sewer Authority, the Philadelphia Suburban Water Company, or other applicable authority, financial security to assure inspection, proper completion and maintenance thereof shall be posted in accordance with the regulations of the applicable authority and shall not be included within the financial security as otherwise required by this section.
K.
In the event that the applicant fails to satisfactorily complete any improvement in a timely manner, the Township Supervisors may utilize all or a portion of the escrow funds or security to complete the improvement, stabilize any area of land disturbance, and abate or correct any hazardous condition that may arise from the development or construction.