A.
No final plan shall be approved unless the streets shown on such plan have been improved as may be required by this chapter and including, but not limited to, any walkways, curbs, gutters, streetlights, fire hydrants, street trees, water mains, sanitary sewers, storm sewers, stormwater detention and retention basins, other drainage facilities, recreational facilities, open space improvements, buffer plantings, screen plantings and any other improvements required by this chapter have been installed in accordance with this chapter. Such improvements shall also include any improvements for future sections of the subdivision or land development which the Board of Supervisors finds essential for the protection of any section of the final plan. In lieu of the completion of any such improvements required as a condition of final plan approval, the Board of Supervisors shall accept financial security in an amount sufficient to cover the costs of such improvements plus any additional amounts required by this chapter.
B.
When requested by the developer, in order to facilitate financing, the Board of Supervisors shall furnish the developer with a signed copy of a resolution indicating approval of the final plan contingent upon the developer obtaining a satisfactory financial security. The final plan shall not be signed nor recorded until the financial improvements agreement is executed. The resolution or letter of contingent approval shall expire and be deemed to be revoked if the financial security agreement is not executed within 90 days, unless a written extension is granted by the Board of Supervisors.
C.
Without limitation as to other types of financial security which the Board of Supervisors may approve, federal or commonwealth chartered lending institution irrevocable letters of credit and restrictive or escrow accounts in such lending institutions shall be deemed acceptable financial security for the purposes of this section.
D.
Such financial security shall be posted with a bonding company or federal or commonwealth chartered lending institution chosen by the party posting the financial security, provided said bonding company or lending institution is authorized to conduct such business within the commonwealth.
E.
Such bond, or other security shall provide for, and secure to the public, the completion of any improvements which may be required on or before the date fixed in the formal action of approval or accompanying agreement for completion of the improvements.
F.
The amount of financial security to be posted for the completion of the improvements shall be equal to 110% of the cost of completion estimated as of 90 days following the date scheduled for completion by the developer. Annually, the Township may adjust the amount of the financial security by comparing the actual cost of the improvements which have been completed and the estimated cost for the completion of the remaining improvements as of the expiration of the ninety-day period after either the original date scheduled for completion or a rescheduled date of completion. Subsequent to said adjustment, the Township may require the developer to post additional security in order to assure that the financial security equals said 110%. Any additional security shall be posted by the developer in accordance with this section.
G.
The amount of financial security required shall be based upon an estimate of the cost of completion of the required improvements submitted by an applicant or developer and prepared by a professional engineer licensed as such in this commonwealth and certified by such engineer to be a fair and reasonable estimate of such cost. The above costs shall be calculated based on the potential of public bidding and should attempt to cover the cost the Township would be required to pay to complete the improvements. The Township, upon the recommendation of the Township Engineer, may refuse to accept such estimate for good cause shown. If the applicant or developer and the Township are unable to agree upon an estimate, then the estimate shall be recalculated and recertified by another professional engineer licensed as such in this commonwealth and chosen mutually by the Township and the applicant or developer. The estimate certified by the third engineer shall be presumed fair and reasonable and shall be the final estimate. In the event that a third engineer is so chosen, fees for the services of said engineer shall be paid equally by the Township and the applicant or developer.
H.
If the developer requires more than one year from the date of posting of the financial security to complete the required improvements, the amount of financial security may be increased by an additional 10% for each one-year period beyond the first anniversary date from posting of financial security or to an amount not exceeding 110% of the cost of completing the required improvements as reestablished on or about the expiration of the preceding one-year period by using the above procedures.
I.
In the case where development is projected over a period of years, the Board of Supervisors may authorize submission of final plans by section or stages of development subject to such requirements or guarantees as to improvements in future sections or stages of development as it finds essential for the protection of any section of the development granted final plan approval.
J.
Prior to final approval of any plan, the applicant shall agree, in writing, in a form to be approved or prepared by the solicitor of the Township that the applicant will lay out the roads, streets, lanes, alleys and/or easements, and construct or cause to be constructed, all of the improvements in accordance with the approved final plans. The costs associated with the preparation of this form shall be borne entirely by the applicant.