For the purpose of assuring the installation and maintenance
of bondable land development improvements, as a condition of all final
site plan, subdivision, and/or zoning permit approvals, the Board
and/or Zoning Officer shall require, as appropriate, and the Township
Council shall accept, in accordance with the standards adopted hereinafter:
A. The furnishing of a performance guarantee in favor of the Township
in an amount not to exceed 120% of the cost of the improvement, which
cost shall be determined by the Township Engineer according to the
method of calculation set forth in N.J.S.A. 40:55D-53.4 for any and
all bondable items as permitted therein. The Township Engineer shall
prepare an itemized cost estimate of the improvements covered by the
performance guarantee, which itemized cost estimate shall be appended
to each performance guarantee posted by the obligor.
B. The furnishing of a maintenance guarantee in favor of the Township
in an amount not to exceed 15% of the cost of the improvement, which
cost shall be determined by the Township Engineer according to the
method of calculation set forth in N.J.S.A. 40:55D-53.4 for any and
all bondable items as permitted therein.
C. The furnishing of a temporary certificate of occupancy guarantee
in the amount of 120% of the cost of installing the remaining improvements
required to be completed before the issuance of a permanent certificate
of occupancy. The scope and amount of such a guarantee will be determined
by the Township Engineer.
D. The furnishing of a safety and stabilization guarantee to return
the property to a safe and stable condition or to otherwise implement
measures to protect the public from access to an unsafe or unstable
condition. The amount of such a guarantee shall be $5,000 where the
overall bonded improvements are $100,000 or less. Where the overall
bonded improvements are $100,000 or more, then the Township Engineer
shall calculate the bond amount in accord with the following: $5,000
for the first $100,000 of bonded improvement costs, plus 2.5% of bonded
improvement costs in excess of $100,000 up to $1,000,000, plus 1%
of bonded improvement costs in excess of $1,000,000.
In the event that other governmental agencies or public utilities
will automatically own the utilities to be installed or the improvements
are covered by a performance or maintenance guarantee to another governmental
agency, no performance or maintenance guarantee, as the case may be,
shall be required by the Township for such utilities or improvements.
If the required improvements are not completed or corrected
in accordance with the performance guarantee, the obligor and surety,
if any, shall be liable thereon to the Township for the reasonable
cost of the improvements not completed or corrected, and the Township
may, either prior to or after the receipt of the proceeds thereof,
complete such improvements. Such completion or correction of improvements
shall be subject to the public bidding requirements of the Local Public
Contracts Law, N.J.S.A. 40A:11-1 et seq.
All improvements shall be in accordance with the design standards
of the Township Code or as authorized by a design exception granted
by the reviewing board and shall be subject to inspection and approval
by the Municipal Engineer. The Municipal Engineer shall be notified
24 hours prior to the start of the various phases of the work, and
if discontinued, shall again be notified when the work will be continued.
The obligor shall reimburse the Township for all reasonable
inspection fees paid to the Township Engineer for the foregoing inspection
of improvements; provided that the municipality may require of the
developer a deposit for the inspection fees in an amount not to exceed,
except for extraordinary circumstances, the greater of $500 or 5%
of the cost of improvements, which cost shall be determined pursuant
to N.J.S.A. 40:55D-53.4.
In the event that final approval is by stages or sections of
development pursuant to Subsection a of Section 29 of P.L. 1975, c.
291 (N.J.S.A. 40:55D-38), the provisions of this section shall be
applied by stage or section.
To the extent that any of the improvements have been dedicated
to the Township on the subdivision plat, site plan and/or zoning permit,
the municipality shall be deemed, upon the release of any performance
guarantee required hereunder, to accept dedication for public use
any improvements made thereunder, provided that such improvements
have been inspected and have received final approval by the Township
Engineer.