Any money received by the Borough Chief Financial Officer for
off-tract improvements to be constructed or installed by the Borough
pursuant to the provisions of this chapter shall be deposited in a
suitable depository therefor and shall be used only for the improvements
for which they are deposited or improvements satisfying the same purpose.
If construction of improvements for which the Borough is responsible
has not commenced within five years from the date of deposit, the
amount deposited, together with any income thereon, shall be returned
to the subdivider or site plan applicant or his or her successor in
interest.
Upon completion of any improvement constructed by the municipality
as a general or local improvement, the total cost of such improvement
shall be determined by the Borough Chief Financial Officer. The difference
between the actual cost, as so determined, and the estimated cost,
shall be computed. The subdivider or site plan applicant, or his or
her successor in interest, shall make remittance to the Borough, if
the actual cost exceeds the estimated cost, or shall receive a refund
from the funds deposited with the Borough if the estimated cost exceeds
the actual cost, in an amount which bears the same relationship to
the difference between the actual and estimated costs as the amount
deposited by the subdivider or site plan applicant for his or her
proportionate share of the estimated cost bears to the total estimated
cost. Any sum payable by the subdivider or site plan applicant or
his or her successor in interest may be levied and collected by the
Borough in the same manner as is provided by law for the levy and
collection of real estate taxes.
In the absence of an express provision in a deed or deeds of conveyance, it shall be presumed that the fee owners of all lots in the subdivision or site plan at the date any deposit or portion thereof is returned or additional charge is made pursuant to §§
310-124 and
310-125 are the lawful successors in interest to the subdivider or site plan applicant and that each such fee owner shall be charged with or entitled to receive a pro-rata share, based on lot area, of any funds to be returned or additional charge to be made pursuant to this chapter. Upon payment of any such sums to the said fee owners, the Borough shall be released of liability to any other person.