In order that the Town has the assurance that the construction
and installation of such improvements as storm sewer, public water
supply, sewage disposal, road signs, sidewalks and road surfacing
will be constructed, the subdivider shall enter into one of the following
agreements with the Town:
A.
An agreement that the subdivider will construct all improvements
directly affecting the subdivision as required by these regulations
and by the Planning Board, prior to final approval of the plat.
B.
In lieu of the completion of the improvements, the subdivider shall
furnish a bond executed by a surety company acceptable to the Town
in an amount equal to the cost of construction of the improvements
as shown on the plans and based on an estimate furnished by the applicant
and approved by the Planning Board, after consultation with the Town
Engineer. The subdivider shall pay for the cost, if any, incurred
by the Planning Board in consulting the Town Engineer.
C.
In lieu of the completion of improvements, the subdivider shall deposit
a certified check or a letter of credit in sufficient amount equal
to the cost of construction of such improvements as shown on the plans
and based on an estimate furnished by the subdivider and approved
by the Planning Board.
A.
Before the final plat is approved, the subdivider shall have executed
a subdivider contract with the Town, and a performance bond certified
check or letter of credit shall have been deposited, covering the
estimated cost of the required improvements that have been designated
by the Planning Board.
B.
The performance bond or letter of credit shall 1) in the case of
a performance bond, name the Town as obligee and 2) in the case of
a letter of credit, name the Town as the payee, and each shall provide
that the subdivider, his heirs, successors and assigns, his agent
or servants will comply with all applicable terms, conditions, provisions
and requirements of this chapter, and will faithfully perform and
complete the work of constructing and installing such facilities or
improvements in accordance with all applicable laws and regulations.
C.
Any such bond or letter of credit shall require the approval of the
Town Board and the Town Attorney as to form, sufficiency, manner of
execution and surety and/or financial institution.
D.
Wherever a certified check is deposited to the Town of LaFayette,
it shall be payable to the Town of LaFayette.
The construction or installation of any improvements or facilities,
other than roads, for which guarantee has been made by the subdivider
in the form of a bond, letter of credit or certified check deposit
shall be completed within one year from the date of approval of the
final plat. Road improvements shall be completed within two years
from the date of approval of the final plat. The subdivider may request
an extension of time, provided he can show reasonable cause for his
inability to perform the improvements within the required time. The
extension shall not exceed six months, at the end of which time the
Town may use as much of the bond, letter of credit or certified check
deposit to construct the improvements as it deems necessary. The same
shall apply whenever construction of improvements is not performed
in accordance with applicable standards and specifications. There
shall be no extension of time given unless and until the terms of
the bond or letter of credit shall be extended as well and proof of
such extension shall be provided to the Town in sufficient time to
enable the Town to grant an extension.
When a certified check, letter of credit or performance bond
is provided pursuant to the preceding sections, the Town and the subdivider
shall enter into a written agreement itemizing the schedule of improvements
in sequence, with the cost opposite each phase of construction or
installation, provided that each cost as listed may be repaid to the
subdivider upon completion and approval after inspection of such improvement
or installation. However, 10% of the check deposit, letter of credit
or performance bond shall not be repaid to the subdivider until one
year following the completion, inspection and acceptance by the Town
of all construction and installation covered by the check deposit
or performance bond as outlined in the subdivider's contract.
Upon approval by the Town Board, the Planning Board, after due
notice and a public hearing, may modify its requirements for any or
all improvements, and the face value of the performance bond or letter
of credit shall thereupon be increased or reduced by an appropriate
amount so that the new face value will cover the cost in full of the
amended list of improvements required by the Planning Board and any
security deposited with the bond or letter of credit may be increased
or reduced proportionately.
Periodic inspections during the installation of improvements
shall be made by the Town Engineer to ensure conformity with the approved
plans and specifications as contained in the subdivider contract and
these regulations. The subdivider shall notify the Town Engineer when
each phase of improvement is ready for inspection. Upon acceptable
completion and installation of the improvement, as certified by the
Town Engineer, the Planning Board shall issue a letter to the subdivider
or his representative and such letter shall be sufficient evidence
for the release by the Town of the portion of the performance bond,
letter of credit or certified deposit as designated in the subdivider's
contract to cover the cost of such completed work.
When the Town Engineer, following the final inspection of the
subdivision, certifies to the Planning Board and the Town Board that
all installations and improvements have been completed in accordance
with the subdivider's contract, the Town Board may, by resolution,
proceed to accept the facilities for which the performance bond has
been posted, the letter of credit issued or the certified check deposited.
Prior to acceptance of the facilities, the subdivider shall deposit
with the Town Clerk a complete set of as-built drawings which show
the location and extent of all installations and improvements required
to be completed by the subdivider's contract.
