Before the filing of final subdivision plats or the recording of minor subdivision deeds or as a condition of final site plan approval or as a condition to the issuance of certain zoning permits and temporary land use permits, the Township may require, for the purpose of assuring the installation and maintenance of certain on-tract improvements, the furnishing of performance guarantees and the provision for maintenance guarantees in accordance with standards contained herein.
A. 
Performance guarantees.
(1) 
The developer shall furnish a performance guarantee in favor of the Township of Clark in an amount not to exceed 120% of the cost of the installation of only those improvements required by an approval or developer's agreement, ordinance, or regulation which are proposed to be dedicated to the Township, and that have not yet been installed, which cost shall be determined by the Township Engineer. In accordance with § 195-64B, guarantees are required for the streets, pavements, gutters, curbs, sidewalks, streetlighting, street trees, surveyor's monuments, water mains, sanitary sewers, drainage structures, public improvements of open space, and any grading necessitated by the improvements.
(2) 
The Township Engineer shall prepare an itemized cost estimate of the improvements covered by the performance guarantee, which itemized cost estimate shall be appended to each performance guarantee posted by the developer.
B. 
Temporary certificate of occupancy guarantee. In the event that the developer shall seek a temporary certificate of occupancy (TCO) for a development, unit, lot, building, or phase of development, as a condition of the issuance thereof, the developer shall furnish a separate guarantee, referred to herein as a "temporary certificate of occupancy guarantee," in favor of the Township of Clark in an amount equal to 120% of the cost of installation of only those improvements or items which remain to be completed or installed under the terms of the temporary certificate of occupancy and which are required to be installed or completed as a condition precedent to the issuance of the permanent certificate of occupancy for the development, unit, lot, building or phase of development and which are not covered by an existing performance guarantee. Upon posting of a temporary certificate of occupancy guarantee, all sums remaining under an underlying performance guarantee, required for final approval, which relate to the development, unit, lot, building, or phase of development for which the temporary certificate of occupancy is sought, shall be released. The scope and amount of the temporary certificate of occupancy guarantee shall be determined by the Zoning Officer, Township Engineer, or Construction Code Official. The temporary certificate of occupancy guarantee shall be released by the Zoning Officer, Township Engineer, or Construction Code Official upon the issuance of a permanent certificate of occupancy with regard to the particular development, unit, lot, building, or phase as to which the temporary certificate of occupancy relates.
C. 
Safety and stabilization guarantee. A developer shall furnish to the Township a safety and stabilization guarantee, in favor of the Township of Clark. At the developer's option, a safety and stabilization guarantee may be furnished either as a separate guarantee or as a line item of the performance guarantee. A safety and stabilization guarantee shall be available to the Township solely for the purpose of returning property that has been disturbed to a safe and stable condition or otherwise implementing measures to protect the public from access to an unsafe or unstable condition, only in the circumstance that:
(1) 
Site disturbance has commenced and, thereafter, all work on the development has ceased for a period of at least 60 consecutive days following such commencement for reasons other than force majeure; and
(2) 
Work has not recommenced within 30 days following a written notice from the Township to the developer of the Township's intent to claim payment under the guarantee. The Township shall not provide notice of its intent to claim payment under a safety and stabilization guarantee until a period of at least 60 days has elapsed during which all work on the development has ceased for reasons other than force majeure. The Township shall provide written notice to a developer by certified mail or other form of delivery providing evidence of receipt.
(3) 
The amount of a safety and stabilization guarantee for a development with bonded improvements in an amount not exceeding $100,000 shall be $5,000. The amount of a safety and stabilization guarantee, for a development with bonded improvements exceeding $100,000 shall be calculated as a percentage of the bonded improvement costs of the development or phase of development as follows: $5,000 for the first $100,000 of bonded improvement costs, plus 2 1/2% of the bonded improvement costs in excess of $100,000, up to $1,000,000 plus 1% of the bonded improvement costs in excess of $1,000,000.
(4) 
The Township shall release a separate safety and stabilization guarantee to a developer upon the developer's furnishing of a performance guarantee which includes a line item for safety and stabilization in the amount required under this subsection.
(5) 
The Township shall release a safety and stabilization guarantee upon the Township Engineer's determination that the development of the project site has reached a point that the improvements installed are adequate to avoid any potential threat to public safety.
D. 
Maintenance guarantee. At the completion of certain required improvements and prior to the release of any performance guarantees required pursuant to this subsection, the developer shall post with the Township a maintenance guarantee in an amount not to exceed 10% of the cost of the installation of the improvements which are being released.
(1) 
In addition to certain required on-tract improvements, the developer shall also post with the Township, upon the inspection and issuance of final approval of the following private site improvements by the Township Engineer, a maintenance guarantee in an amount not to exceed 10% of the cost of the installation of the following private site improvements: stormwater management basins, inflow and water quality structures within the basins, and the outflow pipes and structures of the stormwater management system, if any, which cost shall be determined by the Township Engineer.
(2) 
The term of the maintenance guarantee shall be for a period not to exceed two years and shall automatically expire at the end of the established term.
(3) 
In the event that other governmental agencies or public utilities will own the utilities to be installed or the improvements are covered by a performance or maintenance guarantee to another governmental agency, no performance or maintenance guarantee shall be required by the Township for such utilities or improvements.
(4) 
The time allowed for installation of the bonded improvements for which the performance guarantee has been provided may be extended by the governing body by resolution. As a condition or as part of any such extension, the amount of any performance guarantee shall be adjusted to an amount not to exceed 120% of the cost of the installation, which cost shall be determined by the Township Engineer as of the time of the passage of the resolution.
(5) 
If the required bonded improvements are not completed or corrected in accordance with the performance guarantee, the developer and surety, if any, shall be liable thereon to the Township for the reasonable cost of the improvements not completed or corrected and the Township may complete such improvements.
A. 
Upon substantial completion, as determined by the Township Engineer, of all required street improvements (except for the top course) and appurtenant utility improvements, and the connection of same to the public system, the developer may request, in writing, by certified mail addressed in care of the Township Clerk, that the Township Engineer prepare, in accordance with the itemized cost estimate prepared by the Township Engineer, a list of all uncompleted or unsatisfactory completed bonded improvements. The request shall indicate which bonded improvements have been completed and which bonded improvements remain uncompleted in the judgment of the developer. Thereupon the Township Engineer shall inspect all bonded improvements covered by the developer's request and shall file a detailed list and report, in writing, with the Township Council not later than 45 days after receipt of the developer's request.
B. 
The list prepared by the Township Engineer shall state, in detail, with respect to each bonded improvement determined to be incomplete or unsatisfactory, the nature and extent of the incompleteness of each incomplete improvement or the nature and extent of, and remedy for, the unsatisfactory state of each completed bonded improvement determined to be unsatisfactory. The report prepared by the Township Engineer shall identify each bonded improvement determined to be complete and satisfactory, together with a recommendation as to the amount of reduction to be made in the performance guarantee relating to the completed and satisfactory bonded improvement, in accordance with the itemized cost estimate prepared by the Township Engineer and appended to the performance guarantee as required.
C. 
The Township Council, by resolution, shall either approve the bonded improvements determined to be complete and satisfactory by the Township Engineer, or reject any or all of these bonded improvements and shall approve and authorize the amount of reduction to be made in the performance guarantee relating to the improvements accepted, in accordance with the itemized cost estimate prepared by the Township Engineer and appended to the performance guarantee. This resolution shall be adopted not later than 45 days after receipt of the list and report prepared by the Township Engineer. Upon adoption of the resolution by the governing body, the developer shall be released from all liability pursuant to its performance guarantee with respect to those approved bonded improvements, except for that portion adequately sufficient to secure completion or correction of the improvements not yet approved, provided that of the amount of the total performance guarantee and safety and stabilization guarantee posted may be retained to ensure completion and acceptability of all improvements. The safety and stabilization guarantee shall be reduced by the same percentage as the performance guarantee is being reduced at the time of each performance guarantee reduction.
D. 
For the purpose of releasing the developer from liability pursuant to its performance guarantee, the amount of the performance guarantee attributable to each approved bonded improvement shall be reduced by the total amount for each such improvement, in accordance with the itemized cost estimate prepared by the Township Engineer and appended to the performance guarantee, including any contingency factor applied to the cost of installation. If the sum of the approved bonded improvements would exceed 70% of the total amount of the performance guarantee, then the Township may retain 30% of the amount of the total performance guarantee and safety and stabilization guarantee to ensure completion and acceptability of bonded improvements, as provided above, except that any amount of the performance guarantee attributable to bonded improvements for which a temporary certificate of occupancy guarantee has been posted shall be released from the performance guarantee even if such release would reduce the amount held by the Township below 30%.
E. 
In the event that the developer has made a cash deposit with the Township as part of the performance guarantee, then any partial reduction granted in the performance guarantee pursuant to this subsection shall be applied to the cash deposit in the same proportion as the original cash deposit bears to the full amount of the performance guarantee, the Township may retain cash equal to the amount of the remaining safety and stabilization guarantee.
F. 
If any portion of the required bonded improvements is rejected, the approving authority may require the developer to complete or correct such improvements and, upon completion or correction, the same procedure of notification, as set forth in this section, shall be followed.
G. 
In the event that final approval is by phases, stages or sections of development as permitted by law, the provisions of this section shall be applied for each phase, stage or section.
H. 
To the extent that any of the improvements have been dedicated to the Township on the subdivision plat or site plan, the Township Council shall be deemed, upon the release of any performance guarantee required herein, to accept dedication for public use of streets or roads and any other improvements made thereon according to site plans and subdivision plats approved by the Township Council, provided that such improvements have been inspected and have received final approval by the Township Engineer.