[Ord. 1964, 5/12/2003, § 700]
1.
No plat shall receive final approval until all the streets, sidewalks,
street trees, and other improvements as required by the Borough and
shown on the plat have been completed. In lieu of the completion of
the improvements, the developer may deposit with the Borough financial
security in an amount sufficient to cover the costs of the improvements
plus 110% of the cost of the improvements.
2.
The developer will submit an estimate of the cost of improvements
which will be reviewed by the Borough Engineer. If the developer needs
more than a year to complete the improvements, the Borough may require
more financial security.
3.
In some cases, when requested by the developer, in order to facilitate
financing, Borough Council shall furnish the developer with a signed
copy of a resolution indicating approval of the final plat contingent
upon the developer obtaining satisfactory financial security. The
final plat or record plan shall not be signed or recorded until the
financial improvements agreement and the development agreement are
executed.
4.
As the work of installing the improvements proceeds, the developer
may request funds to be released by the Borough to pay for completed
work.
[Ord. 1964, 5/12/2003]
For the details of these procedures, see Appendix A7, Sections A700 through A703, located at the end of this chapter.
