[1997 Code § 224-176; Ord. No. 13-2005]
A. Performance guaranties shall be posted prior to the granting of final
developmental approval.
B. Performance guaranties shall be submitted in favor of the City of
Absecon in an amount not to exceed 120% of the cost of installation
of improvements it may deem necessary or appropriate, including streets,
grading, pavement, gutters, curbs, sidewalks, street lighting, shade
trees, surveyor's monuments, water mains, culverts, storm sewers,
sanitary sewers or other means of sewage disposal, drainage structures,
erosion control and sedimentation control devices, public improvements
of open space and in the case of site plans, other on-site improvements
and landscaping. 10% of the total performance guaranty shall be in
cash, deposited with the Chief Financial Officer of the City and the
remaining 110% shall be in a form acceptable to the City Attorney.
In the event the cost of improvements, as determined by the City Engineer,
exceed $2,000,000, the entire Performance Guaranty may be in the form
of a bond or other security, at the discretion of the City Council.
The form and content of the bond must be acceptable to the City Attorney.
Such guaranties may be usable at any point by the City for the nonperformance
of the applicant. Such guaranties shall run for a period of 18 months,
subject to extension by the City Council for additional periods of
18 months as deemed necessary by the City.
[Ord. No. 13-2005]
C. If the required improvements are not completed or corrected in accordance
with the performance guaranties within the time limit or extension,
the obligor and surety shall be liable thereon to the City for all
reasonable costs of improvements not installed and upon receipt of
the proceeds thereof, the City shall install such improvements. In
the event the performance guaranty has no cash on deposit with the
City due to the total cost of improvements exceeding $2,000,000 pursuant
to paragraph B. above, the City will have the right to charge the
applicant all fees incurred by the City in pursuit of the surety for
performance under the bond.
[Ord. No. 13-2005]
D. Prior to acceptance of a performance guaranty by the City Council,
the Council shall receive:
(1)
A letter from the City Engineer stating that the proposed bond
covers all items required.
(2)
A list of the items covered and their cost.
(3)
A letter of approval from the City Attorney as to bond form.
(4)
A letter from the City Engineer and Planning Board stating that
the plans meet all specifications.
E. Following acceptance of a performance guaranty by the City Council,
a letter so stating shall be sent to the Planning Board prior to signing
of final plats for the development.
F. Prior to release of a performance guaranty in full or in part in
accordance with N.J.S.A. 40:55D-53, the City Council shall receive:
(1)
A recommendation from the Planning Board.
(2)
As-built plans of all utilities and roads approved by the City
Engineer.
(3)
A statement from the developer/subdivider that there are no
liens or other legal encumbrances on any of the improvements or utilities
to be deeded.
(4)
Deeds, free and clear from all encumbrances, for all streets,
public easements, drainage easements or other dedicated lands.
(5)
An acceptable maintenance guaranty as outlined in Section
224-177.