[HISTORY: Adopted by the Board of Trustees of the Village of Walden 3-12-2002 by L.L. No. 2-2002.[1] (Ch. 115 of the 1982 Code). Amendments noted where applicable.]
GENERAL REFERENCES
Subdivision of land — See Ch. 260.
[1]
Editor's Note: This local law provided that it is intended to supersede the provisions of § 7-730(9)(a) of the Village Law.
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.
A. 
Any cash deposited under authority of this chapter shall be deposited by the Village Treasurer in a separate interest-bearing account in a Village depository and shall be disposed of only as herein provided. In the event that the improvements or other requirements guaranteed by the performance bond are not installed or constructed as required or should a developer cease working upon any public improvement for an unreasonable period of time thereby leaving the site in an unsafe or unsightly condition, then, upon resolution of the Village Board and without the necessity of further legal proceedings, said sum, together with any accrued interest thereon, shall be withdrawn from such account by the Village Treasurer and shall be used by the Village Manager toward either the cost of satisfactorily completing the public improvements required under the approval or the cost of restoring the site to a safe, secure and stable condition. If there are surplus funds remaining after such withdrawal and expenditure, they shall be refunded to the developer or owner, except for any portion of said deposit held for maintenance purposes.
B. 
In the event that the public improvements or other requirements are installed or completed pursuant to the approval to the satisfaction of the Village Board after report by the Village Engineer, the Village Treasurer shall, upon resolution of the Village Board, refund such sum, together with any accrued interest thereon, to the developer or owner.
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.