If the applicant makes such improvements, he must enter into an agreement
with the Board of Supervisors prior to the issuance of any building
permit. The agreement must establish the estimated cost of the improvement,
the schedule for initiation and completion of the improvement, a requirement
that the improvement be completed to Township and Pennsylvania Department
of Transportation standards and design criteria and such other terms
and conditions as deemed necessary by the Board of Supervisors. The
Board of Supervisors must review the improvement plan, verify costs
and time schedules, determine if the improvement is an eligible improvement
and determine the amount of the applicable credit for such improvement
to be applied to the otherwise applicable impact fee prior to issuance
of any building permit. In no event shall the Board of Supervisors
provide a credit which is greater than the applicable impact fee.
If, however, the amount of the credit is calculated to be greater
than the amount of the impact fee due, the applicant may use such
excess credit toward the impact fees imposed on other building permits
for development on the same site and in the same ownership; provided
that any such applicant shall be required to supply financial security
sufficient, in the judgment of the Township, to cover the cost of
any such improvement installed by the applicant for which credit is
sought.