A performance bond, letter of credit, or equivalent security
shall be delivered to the Town Board to guarantee thereby to the Town
that the applicant shall faithfully cause to be constructed and completed
within a reasonable time the required improvements and, where applicable,
to convey any required lands and improvements to the Town free and
clear of all encumbrances.
A. Procedure. Before the Planning Board grants final approval of the
final subdivision plat, the applicant shall provide to the Planning
Board a detailed engineer's cost estimate for all required improvements
for review and concurrence by the Town Engineer; final approval of
the final subdivision plat shall subsequently follow the procedure
set forth herein.
(1) Applicant provides a performance guaranty:
(a)
If any amount is set by the Planning Board, the applicant shall either file with the Town Clerk a certified check to cover the full cost of completing the required improvements and, if applicable, the cost of reclamation of areas to be excavated or graded pursuant to §
121-34 of Chapter
121, Zoning, a letter of credit covering those full costs, a performance or restoration bond covering those full costs, or other security to the Town Board (collectively, the "performance guaranty"). Any such performance guaranty shall comply with the requirements of § 277 of the New York State Town Law and, further, shall be satisfactory to the Town Board and Town Attorney as to form, sufficiency, manner of execution and surety. A period of one year or such other period as the Planning Board may determine appropriate, but not exceeding three years, shall be set forth in the performance guaranty as the period within which the required improvements must be completed. The term of the performance guaranty shall extend for at least one year after the date that the required improvements were completed to the satisfaction of the Town Engineer.
(b)
The applicant shall additionally file a copy of the performance
guaranty with the Planning Board.
(c)
If the Planning Board shall decide at any time during the term
of the performance guaranty 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 guaranty, that required
improvements have been installed in sufficient amount to warrant reduction
in the amount of said performance guaranty, or that the character
and extent of such development requires additional improvements previously
waived for a period stated at the time of fixing the original terms
of such performance guaranty, the Planning Board may modify its requirements
for any or all such improvements, and the face value of such performance
guaranty 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 performance guaranty may be reduced or
increased proportionately.
(2) Applicant completes all required improvements:
(a)
The applicant shall complete all required improvements to the
satisfaction of the Town Engineer, who shall file with the Planning
Board a letter specifying the satisfactory completion of all improvements
required by the Planning Board. For any required improvements not
so completed, the applicant shall file with the Town Clerk a performance
guaranty covering the costs of such improvements, in addition to the
cost of satisfactorily installing any improvements not approved by
the Town Engineer. Any such performance guaranty shall be satisfactory
to the Town Board and Town Board Attorney as to form, sufficiency,
manner of execution and surety. The applicant shall additionally file
a copy of said performance guaranty with the Planning Board.
(b)
The applicant shall file with the Town Board a maintenance bond
in an amount of 15% of the cost estimate for installation of required
improvements and which shall be adequate to assure the satisfactory
condition and operation of the initial public improvements for a period
of two years following their completion and acceptance. Such maintenance
bond shall be satisfactory to the Town Board Attorney as to form,
manner of execution and surety and in an amount satisfactory to the
Town Engineer. The applicant shall additionally file a copy of said
performance guaranty with the Town's Code Enforcement Officer.
B. As-built drawing required. No required improvements shall be considered to be completed until the installation of the improvements has been approved by the Town Engineer and a map certified by the applicant's engineer and satisfactory to the Planning Board has been submitted indicating the specific location of all underground utilities as actually installed. The performance guaranty provided by applicant pursuant to Subsection
A(1) above shall not be released until the required as-built drawing is submitted and deemed satisfactory by the Planning Board.