A.
No plan shall be finally approved unless the streets shown on such plan have been improved as may be required by this chapter, and any walkways, curbs, gutters, streetlights, fire hydrants, shade trees, water mains, sanitary sewers, storm drains, stormwater management facilities or other improvements as may be required by this chapter have been installed in accordance with this chapter, except that the surface course of streets shall not be completed until such time as 90% of the lots in the subdivision have been improved by the construction of a dwelling if approved for residential development or by the construction of the proposed commercial or industrial structures if the lots are approved for such uses. In lieu of completion of the surface course of streets as well as in lieu of completion of other improvements required as a condition for final approval of a plan, at the discretion of the developer, such developer may deposit with the Township and/or ERSA, if applicable, a letter of credit or other security acceptable to the Board of Supervisors or ERSA in an amount equal to 110% of the estimated cost of completion of the required improvements at a time 90 days following the date scheduled for completion of the respective improvements by the developer. The estimated cost of the surface course shall be computed separately from the estimated cost of completing the other improvements and shall be based upon the developer's projected timetable for completion of the development.
B.
The amount of financial security shall be based upon an estimate of the cost of completion of the required improvements, submitted by the developer and prepared by an engineer and certified by such engineer to be a fair and reasonable estimate of such cost. The Township, upon the recommendation of the Township Engineer, may refuse to accept such estimate for good cause shown. If the developer and the Township are unable to agree upon an estimate, then the estimate shall be recalculated and recertified by another engineer chosen mutually by the Township and the developer. 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 and the developer.
C.
The Township may annually adjust the amount of required financial security by redetermining the estimated cost for completion of the uncompleted improvements as of the expiration of the 90th day after either date scheduled for completion or a rescheduled date of completion. Subsequent to said adjustment, the Township may require the developer to post additional security in order to insure that the financial security equals 110% of the estimated cost of the Township completing the improvements at a time 90 days following the date scheduled for completion or alternatively reduce the required security so that it equals such amount. The developer shall post any additional security within 30 days after being notified of the same.
D.
As the work of installing the required improvements proceeds, the party posting the financial security may request the Township to release or authorize the release, from time to time, such portions of the financial security necessary for the payment to the contractor or contractors performing the work. Any such request shall be in writing addressed to the Board of Supervisors, and the Board of Supervisors shall have 45 days from the receipt of such request to allow the Township Engineer to certify, in writing, to the Board of Supervisors that such portion of the work has been completed in accordance with the approved plat. Upon such certification, the Board of Supervisors shall authorize release from the required financial security of an amount as estimated by the Township Engineer as representing the value of the work completed.
E.
The value of the work completed shall be determined by subtracting 110% of the estimated cost of the completion of the remaining uncompleted work from the total amount of security deposited.
F.
At such time as 90% of the lots in the subdivision have been improved as set forth above, or if at the expiration of three years from the date all of the improvements excepting the surface course has been completed, less than 90% of the lots have been so improved, the Township may notify the developer to complete the surface course within 60 days from the date of such notice. In computing the sixty-day requirement, the period from October 1 to April 1 shall not be counted.
G.
If at the time the surface course is completed, 90% of the lots are not improved as set forth above, the developer shall:
(1)
Post financial security with the Township in an amount equal to 15% of the reasonable cost of the surface course as security to guarantee that damages to the road or street would not occur during the completion of the improvements on the unimproved lots in such developer's subdivision or land development. The Township shall hold the financial security and may use it to pay for the repair of any damage occurring to the road during the period between the commencement of improvements on any particular unimproved lot and the completion of such improvements irrespective of whether or not it can be established that the damage to the road was caused by contractors or other persons working in and about the construction of such improvements; or
(2)
Present to the Township agreements signed by the owners of all of such unimproved lots pursuant to which they will agree to pay to the Township the cost of repairing any damage occurring to roads in such subdivision during the period between the commencement of work on the improvements to their lot and the completion of such improvements irrespective of whether or not it can be established that such damage was caused by contractors or other persons involved in the improvement of their respective lots.
H.
No improvement shall be considered complete until the developer shall submit to the Township for review and approval two prints of the as-constructed (as-built) plan and one digital (PDF format) copy on a CD or other media device acceptable to the Township, at the same size and scale of the approved plans, showing the following:
(1)
Actual location of all concrete monuments and/or markers which were found or set at all angle breaks, points of curvature and tangents around the perimeter of the total tract. When the outside perimeter of a tract falls within or along an existing road right-of-way, then the right-of-way of that roadway shall be monumented at the above-referenced points.
(2)
Actual location of all iron pins or drill holes in curbs for all individual lot lines.
(3)
Actual cul-de-sac radius.
(4)
Actual horizontal location of cartway center line versus right-of-way center line should be indicated by dimension.
(5)
Actual horizontal location of floodplain by elevation and dimension from property line.
(6)
Actual horizontal location and cross section of swales and accompanying easements.
(7)
Actual horizontal location and vertical location of stormwater management facilities, including type and size of drainage pipes.
I.
If an improvement has been dedicated to the Township, such improvement shall not be considered complete until the developer has presented a deed of dedication in a form acceptable to the Township Solicitor, has presented a title insurance policy or certificate of title demonstrating good and marketable title and has paid any fees required to process the acceptance of the dedication.