For the purpose of this chapter, the following terms shall have
the meaning indicated:
DEVELOPER
Any applicant seeking site plan, special use or subdivision
approval, whether an owner, contract vendee, lessor, lessee, managing
agent, etc., and shall include the agents of said applicant for approval
and all successors in interest of same. The term "developer" shall
include any owner, contract vendee, lessor, lessee, managing agent,
etc., as the same exists at the time of site plan, special use or
subdivision approval, at the time of building permit issuance and
at the time that issuance of a certificate of occupancy is sought.
MAINTENANCE BOND
Any written and executed guaranty, obligation or promise
to maintain, repair or replace any public improvements previously
installed or constructed within a fixed period of time from the date
when such public improvements were accepted for dedication by the
Village, whether made by a surety or bonding company, a developer
or any other third party.
OWNER
The owner of any real property located within the Village
that is the subject of a performance bond required either by the Planning
Board or any other agency of the Village or by local law of the Village.
PERFORMANCE BOND
Any written and executed guaranty, obligation or promise
made by an owner or developer of property who has received site plan,
special use or subdivision approval from the Planning Board to install
public improvements required by the Planning Board as part of said
approval or to perform other required acts within a fixed period of
time that may be required by the Planning Board pursuant to plan approval,
Village Board or any local law of the Village.
PERFORMANCE BOND ESTIMATE
The estimate of the Village Engineer of the full costs of
the installation of such public improvements or requirements guaranteed
or promised by the performance bond.
PUBLIC IMPROVEMENT
Any street, roadway, curb, gutter, sidewalk, parking lot,
retaining wall, water main, fire hydrant, sanitary waste disposal
structure, storm drain, retention or detention pond, wetland restoration
facility, street signs, streetlights, trees, seeding, sodding, tree
planting, landscaping improvement or any other public facility or
requirement of the Planning Board or any local law of the Village
identified or characterized as a public improvement as part of an
approved plan in order to protect the public health, safety and welfare.
Any performance bond or maintenance bond that may be required
by the Planning Board, Village Board or other agency of the Village
or by any local law of the Village shall cover the full amount of
the performance bond estimate. The bond shall be satisfactory in form
to the Village Attorney.
To secure installation of the public improvements or other requirements
guaranteed or promised by such performance bonds, there shall be deposited
with the Village Clerk, by the owner or developer, prior to the commencement
of any site work, a sum of money, in cash, irrevocable letter of credit
or by good certified check payable to the Village, equal in amount
to 100% of the performance bond estimate.
Upon satisfactory construction and/or installation of any public
improvements required by the Planning Board or by any local law of
the Village, the owner or developer shall deposit with the Village
an amount equal to 10% of the original performance bond established
pursuant to this chapter as a maintenance bond. Said maintenance bond
shall constitute a guaranty or promise on the part of the owner or
developer that the public improvements so constructed and/or installed
shall be free from defects from faulty workmanship or materials and
shall require the owner or developer to repair or replace such defects
for a period of one year from the date said public improvements were
accepted for dedication by the Village Board, unless a longer period
of time is mutually agreed to by the owner or developer and the Village.
The maintenance bond shall be a cash deposit, letter of credit or
good certified check made payable to the Village. In the event the
owner or developer does not repair or replace defects in the public
improvements, the Village Board may declare said maintenance bond
in default and shall apply the bond to the cost of repairing or replacing
the same. In the event that the public improvements are properly maintained
for the maintenance bond period, the Village Board shall authorize
release of said bond after report by the Village Engineer.