No plan shall be granted final approval until the applicant
either:
A. Installs all improvements as required by this chapter in accordance
with the applicable design standards.
B. Posts a form of financial security, acceptable to the Planning Commission,
which shall be of sufficient amount to fully cover the costs of all
required improvements in accordance with the applicable design standards.
The financial guarantee shall be submitted to the City's
Solicitor and the Solicitor to the Planning Commission for their review
not less than 14 days prior to the public meeting at which the plan
will be submitted for final approval.
The amount of financial security to be posted for the completion
of required improvements shall be equal to 110% of the cost of completion,
estimated as of 90 days following the scheduled completion date. The
amount of the required financial security shall be based upon a written
estimated cost of completion of required improvements submitted by
the developer or applicant and prepared by a professional engineer,
licensed as such by the commonwealth. Said engineer shall certify
in writing that his estimated cost for the completion of the required
improvements is a fair and reasonable estimate. The Planning Commission,
upon the recommendation of the City Engineer, may for good cause shown
refuse to accept the developer's estimated cost. In cases where
the City and the developer or applicant are unable to agree on an
estimate, then the estimate shall be recalculated and recertified
by another licensed professional engineer, mutually accepted by the
City and the developer or applicant. The estimate certified by the
third-party engineer, being presumed fair and reasonable, shall be
deemed the final estimate. In the event that a third-party engineer
is chosen, the cost of his services shall be paid equally by the City
and the developer or applicant.
In the case where development is projected over a period of
years, the Planning Commission may authorize the submission of final
plans by sections or phases of development subject to such requirements
or guarantees as to improvements in future sections or phases of development
as it finds essential for the protection of any finally approved section
of the development.
If water mains or sanitary sewer lines, or both, along with
apparatus or facilities related thereto, are to be installed under
the jurisdiction and pursuant to the rules and regulations of a public
utility or municipal authority which is separate and distinct from
the City, the financial security to assure proper completion and maintenance
thereof shall be posted in accordance with the regulations of the
controlling public utility or municipal authority and shall not be
included within the financial security as otherwise required by this
section.
If any portion of the said improvements are not approved or are rejected by the Planning Commission, the applicant shall proceed to complete the same and, upon completion, the same procedure of notification as outlined in §
455-57 shall be followed.
Nothing herein, however, shall be construed in limitation of
the applicant's right to contest or question by legal proceedings
or otherwise any determination of the Planning Commission or City
Engineer.
In addition to the fees noted in §
455-11 of this chapter, the developer shall be responsible for payment of all engineering fees which the City may incur as related to §§
455-50,
455-51,
455-53,
455-54 and
455-57 of this article. The developer shall be required to fully reimburse the City for said engineering fees. The developer shall also be required to fully reimburse the City for any engineering and/or other consulting fees which the City may incur for the review of any required studies and/or reports within the context of an "impact analysis" as so defined in Article
II of this chapter. Upon notification by the City of such costs, the developer shall provide a certified check or money order to the City to fully reimburse the City for said engineering fees. An approved plan shall not be signed by the Planning Commission until all fees are paid in full.