Performance guarantees. The Planning Board may approve site plans,
subject to the condition that the applicant complete the public improvements
shown thereon. "Public improvements," as that term is used in this
section, shall mean those improvements which are required to be included
in the site plan by the Planning Board to protect the health, safety,
and general welfare of the public and include but are not limited
to streets, highways, street and highway markers and monuments, sidewalks,
streetlighting standards, curbs, gutters, trees, water mains, fire
alarm signal devices, sanitary sewers, storm drains, and structures
and devices necessary to prevent fire, flood, drainage or other menace
to neighboring properties or the general public. A performance bond
or other security sufficient to cover the full cost of the same as
estimated by the Planning Board shall be provided to the Town by the
applicant. The form of the security shall be that which is provided
in § 277, Subdivision 9(c), of the New York State Town Law.
No certificate of occupancy shall be issued until all improvements
shown on the site plan are installed or a sufficient guarantee has
been posted for the improvements not yet completed. The performance
guarantee shall be posed in accordance with the procedures specified
in § 274-a of the Town Law. The Planning Board shall specify
the time frame for completion of improvements. In the event that any
required improvements have not been installed as required above, the
Town may declare the applicant in default and collect the sum payable
thereunder. Upon receipt of the proceeds of the performance guarantee,
the Town shall install or cause to be installed the required improvements.