[Amended 9-12-1989 by Ord. No. 1211]
A. No subdivision and/or land development application shall be finally
approved unless the streets shown on such plan have been improved
to a mud-free or otherwise permanently passable condition, or improved
as required by this chapter, and any walkways, curbs, gutters, streetlights,
fire hydrants, shade trees, water mains, sanitary sewers, storm sewers
and other improvements as required by this chapter have been installed
in accordance with this chapter. In lieu of the completion of any
improvements required as a condition for final plan approval, including
improvement or fees, the landowner or developer shall deposit financial
security with the Township in an amount sufficient to cover the cost
of such improvements or common amenities including, but not limited
to, roads, stormwater detention and/or retention basins and other
related drainage facilities, recreational facilities, open space improvements
or buffer or screen plantings which are or may be required.
B. When requested by the landowner or developer, in order to facilitate
financing, the Board of Commissioners shall furnish the developer
with a signed copy of a resolution indicating approval of the final
plan contingent upon the developer obtaining a satisfactory financial
security. The final plan (record plan) shall not be signed or recorded
until the financial improvements agreement is executed. The resolution
or letter of contingent approval shall expire and be deemed to be
revoked if the financial security agreement is not executed within
90 days, unless a written extension is granted by the Board of Commissioners.
Such extension shall not be unreasonably withheld and shall be placed
in writing at the request of the landowner or developer.
In lieu of the completion of the streets and other improvements required as a condition for the final approval of the subdivision and/or land development plan as set forth in §§
123-13R and
123-42, the landowner or developer may deposit financial security acceptable to the Board of Commissioners (except as set forth in Subsection E) in an amount sufficient to cover the costs of such improvements, estimated, calculated and determined in accordance with the following:
A. Such financial security shall include, but is not limited to, performance
bonds, surety bonds, federal- or commonwealth-chartered lending institution
irrevocable letters of credit and restrictive or escrow accounts in
such lending institutions. Such bond or other security shall provide
for and secure to the Township the completion of all improvements
which may be required within one year or such other time that may
be fixed by the Board of Commissioners for such completion. Such financial
security shall be posted with a bonding company or federal- or commonwealth-chartered
lending institution, provided that said company or institution is
authorized to conduct such business within the commonwealth.
B. The amount of financial security to be posted for the completion
of the required improvements shall be equal to 110% of the cost of
completion estimated as of 90 days following the date scheduled for
completion by the landowner or developer. The Township may adjust
the amount of the financial security annually, by comparing the actual
cost of the improvements which have been completed and the estimated
cost for the completion of the remaining improvements as of the expiration
of the 90th day after either the original date scheduled for completion
or a rescheduled date of completion. Subsequent to said adjustment,
the Township may require the landowner or developer to post additional
security in order to assure that the financial security equals said
110%. Any additional security shall be posted by the landowner or
developer in accordance with this subsection.
[Amended 9-12-1989 by Ord. No. 1211]
C. If the party posting the financial security requires more than one
year from the date of posting the financial security to complete the
required improvements, the amount of financial security may be increased
by an additional 10% for each one-year period beyond the first anniversary
date from the posting of financial security, or to an amount not exceeding
110% of the cost of completing the required improvements as reestablished
on or about the expiration of the preceding one-year period through
an estimate of costs as set forth above.
D. In the case where development is projected over a period of years, the Board of Commissioners may authorize submission of final plans by section or stages of development in accordance with the provisions of Article
V of the Pennsylvania Municipalities Planning Code and subject to such requirements or guaranties as to improvements
in future sections or stages of development as it finds essential
for the protection of any finally approved section of the development.
As the work of installing the required improvements proceeds, the
party posting the financial security may request that the Board of
Commissioners release or authorize the release of, from time to time,
such portions of the financial security necessary for payment to the
contractor or contractors performing the work. Any such request shall
be in writing, addressed to the Board of Commissioners, whereupon,
the Board shall have 45 days from receipt of such request within which
to allow the Township Engineer to certify, in writing, to the Board
that said improvements have been completed in accordance with the
approved plans. Upon such certification, the Board of Commissioners
shall authorize release by the bonding company or lending institution
of an amount, as estimated by the Township Engineer, fairly representing
the value of the improvements completed or, if the Board of Commissioners
fails to act within said forty-five-day period, the Board of Commissioners
shall be deemed to have approved the release of funds as requested.
The Board of Commissioners may, prior to final release, at the time
of completion and certification by the Township Engineer, require
10% of the estimated cost of the aforementioned improvements to be
retained. The Township Engineer, in certifying the completion of work
for a partial release, shall not be bound to the amount requested
by the developer, but shall certify to the Board of Commissioners
an independent evaluation of the proper amount of partial releases.
[Amended 9-12-1989 by Ord. No. 1211]
E. If water mains or sanitary sewer lines, or both, along with apparatus
or other facilities related thereto, are to be installed under the
jurisdiction and pursuant to the rules and regulations of a public
utility or municipal authority separate and distinct from the Township,
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.
F. Where the Board of Commissioners accepts dedication of all or some
of the required improvements following completion, the Board may require
the posting of financial security to secure structural integrity of
said improvements as well as the functioning of said improvements
in accordance with the design and specifications as depicted on the
final plan for a term not to exceed 18 months from the date of acceptance
of dedication. Said financial security shall be of the same type as
otherwise required in this section with regard to installation of
such improvements, and the amount of the financial security shall
not exceed 15% of the actual cost of installation of said improvements.
[Added 9-12-1989 by Ord. No. 1211]
G. If financial security has been provided in lieu of the completion
of improvements required as a condition for the final plan approval,
the Township shall not condition the issuance of building, grading
or other permits relating to the erection or placement of improvements,
including buildings, upon the lots or land as depicted upon the final
plan upon actual completion of the improvements depicted upon the
approved final plan. Moreover, if said financial security has been
provided, occupancy permits for any building or buildings to be erected
shall not be withheld following the improvement of the streets providing
access to and from existing public roads to such building or buildings
to a mud-free or otherwise permanently passable condition, as well
as the completion of all other improvements as depicted upon the approved
final plan, either upon the lot or lots or beyond the lot or lots
in question if such improvements are necessary for the reasonable
use of or occupancy of the building or buildings.
[Added 9-12-1989 by Ord. No. 1211]
Within 30 days after completion of improvements and approval of the same by the Township, and before acceptance of such improvements, the landowner or developer shall submit to the Board of Commissioners a corrected set of as-built plans and profiles in accordance with §§
123-17 and
123-24. In the event that the as-built plan is not submitted in complete and accurate form, all funds being withheld in an escrow account shall not be released until such plan has been satisfactorily completed.
[Amended 9-12-1989 by Ord. No. 1211]
In the event that any improvements which may be required under
this chapter have not been installed as provided in this chapter,
or in accordance with the approved final plan, the Board of Commissioners
may enforce the bond or other security by appropriate legal and equitable
remedies. If the proceeds of such bond or other security are insufficient
to pay the cost of installing or making repairs or correction to all
the improvements covered by such bond or security, the Board of Commissioners
may, at its option, install part of such improvements in all or part
of the subdivision or land development and may institute appropriate
legal or equitable action to recover from the land developer the moneys
necessary to complete the said improvements. All of the proceeds,
whether resulting from the security or from legal or equitable action
brought against the landowner or developer, or both, shall be used
solely for the installation of improvements covered by such security.