All public improvements required pursuant to this chapter shall
be constructed and completed to the standards required by state and
local laws, rules, and regulations. Applicants for subdivision plats
shall provide the Town with acceptable financial security in an amount
sufficient to guarantee the installation of basic public improvements.
Such public improvements may include public water supply, sewage disposal
systems, storm drains and sewers, roads, pavement markings and traffic
signs and signals, sidewalks, and other public required improvements.
The construction or installation of any improvements or facilities,
other than roads, for which a financial guarantee has been made pursuant
to this article shall be completed within one year from the date of
the approval of the subdivision plat. Road improvements shall be completed
within two years from the date of approval of the subdivision plat.
At the end of such time, if the required public improvements are not
completed and accepted by the Town, the Town may use as much of the
financial security required by this article to construct and install,
maintain, or perfect the improvements as necessary to meet all applicable
state and local laws, ordinances, rules, and regulations.
The applicant may request an extension of time to perform required
public improvements provided reasonable cause can be shown for the
inability to construct and install said improvements within the required
time. Such extension of time shall not exceed six months.
At least five days prior to commencing construction of required
public improvements, the applicant shall pay to the Town Clerk the
inspection fee required by the municipality and shall notify the Town
Board or an official designated by the Town Board in writing of the
time when the construction of such improvements will be commenced
so that the Town Board may cause inspections to be made to assure
that all applicable specifications and requirements shall be met in
the construction of such improvements, and to assure the satisfactory
completion of public improvements required by the Planning Board.
Acceptable financial security shall be provided to the Town
in the form of a bond executed by a surety company, a certified check,
or an irrevocable letter of credit drawn in favor of the Town. Any
such financial security shall be presented to the Town Clerk in an
amount equal to the cost of construction of the public improvements
required by the Planning Board pursuant to this chapter.
All required public improvements shall be shown on subdivision
plats and the total amount of the required financial security shall
be based thereon. Such estimates shall be certified by a licensed
professional engineer, and shall be reviewed by the Town Board for
financial adequacy as a guarantee of construction and of reasonable
performance during a warranty period. The Town Board and the Town
Attorney shall jointly review the guarantee agreement for sufficiency
of form and execution and for the soundness of the financial guarantee
offered by the applicant.
When a guarantee agreement has been approved by the Town Board
and the required surety bond, certified check, or letter of credit
has been received by the Town Clerk, the Town and the applicant shall
enter into a written agreement itemizing the required public improvements,
establishing a schedule for the construction and installation of such
improvement, and itemizing the cost of construction and installation
for each improvement. Whenever feasible, costs shall be organized
by logical phases of work completion in order to facilitate the partial
release of funds held as a financial guarantee by the municipality
to the applicant as work is satisfactorily completed.
At such times as the applicant wishes to have guarantee funds
released in consideration of work performed and accepted, the applicant
shall cause to be prepared an accurate statement of the work performed
and accepted as of a date certain. This statement shall use the same
item structure as was employed in the written agreement itemizing
the required public improvements. The applicant, after preparing such
statement, shall submit it for review, approval, and signature by
an engineer acting on behalf of the Town, by the appropriate municipal
inspectors, and by the Town fiscal officer. If the statement is approved
by the Town fiscal officer, the statement shall be forwarded promptly
to the Town Clerk, together with a recommendation that the amount
approved on said statement be released from the financial guarantee
provided by the applicant. Where the financial guarantee provided
by the applicant makes staged refunding possible, the Town Clerk will
then direct in writing to the surety company of financial institution
having custody of the guarantee funds to release the approved amount
of those funds to the applicant.
When the project inspector, following final inspection of the
project, certifies to the Planning Board and the Town Board that all
required public improvements have been completed in accordance with
all applicable requirements, the Town Board may act by resolution
to accept the public improvements.
Upon acceptance of the required public improvements, a maintenance guarantee shall be established. All such guarantees shall be for 10% of the financial guarantee originally required of the applicant. The applicant may provide a maintenance guarantee by one of the methods provided for in § 195-77 above, but no maintenance bond shall be for less than $5,000 face value. All maintenance guarantees required by this section shall commence immediately upon acceptance of the required public improvements by the municipality and shall extend for two years therefrom or for two years from the June first next succeeding the acceptance of the required public improvements, whichever period is longer.
