[Ord. 12/15/1987]
The developer shall agree, in writing, in a form provided by
the Township, that he will construct or install and maintain until
dedication all of the improvements required herein or required as
a condition of approval of the final plan in accordance with the governing
specifications and within the specified time limits.
[Ord. 12/15/1987; as amended by Ord. 12/12/1991A, § 18]
1. As a condition for approval of a final plan, the developer shall
deposit with the Township financial security in an amount sufficient
to cover 110% of the costs of completion of the required improvements
estimated as of 90 days following the date scheduled for completion
by the developer, in accordance with § 509 of the Act. In cases where development is projected over a period
of years, the Board may authorize submission of a final plan by sections
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 finally approved section
of the development.
2. Guarantees may take the form of performance bonds, cash deposit,
irrevocable letter of credit, restricted or escrow account naming
the Township as having the unrestricted right to demand funds from
said account for completion of required improvements, so long as such
lending institution holds a current commonwealth or federal charter
and subject to approval of the Township Solicitor.
A. For any development improvements which are not completed within one
calendar year of the date financial security was posted, the Township
shall annually adjust the amount of required security in accordance
with Section 509 of the Act. Subsequent to said adjustment, the Township shall require
the developer to post additional security to ensure that the financial
security equals said 110%.
B. The amount of financial security required shall be based upon an
estimate of the cost of completion of 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. Montour Township,
upon recommendation of the Township Engineer, may refuse to accept
such estimate for good cause shown. Should the Township and the applicant
or developer be unable to agree on the estimate the process for resolving
the estimate as specified in Section 509(g) of the Act shall be followed.
C. When requested by the developer, in order to facilitate financing,
the Board shall furnish the developer with a signed resolution or
letter indicating approval of the final plan contingent upon the developer
obtaining satisfactory financial security. The final plan shall not
be signed or recorded until the development agreement is fully 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 of its date unless a written extension is granted by
the Board.
[Ord. 12/15/1987; as amended by Ord. 12/12/1991A, § 19]
The security for improvements deposited as aforesaid may be
released in accordance with § 510 of the Act.
[Ord. 12/15/1987, as added by Ord. 12/12/1991A, § 20]
1. All improvements required as a condition or part of final plan approval
shall be inspected by the Township Engineer. The applicant shall reimburse
the Township for all reasonable and necessary costs incurred for the
inspection of said improvements in accordance with Section 510 of
the Act.
2. In the event there arises a dispute over the fee for inspection of
the required improvements, the procedures prescribed in Section 510(g)
of the Act shall be followed.
[Ord. 12/15/1987; as amended by Ord. 12/12/1991A, § 21]
If the developer does not satisfactorily construct or install all of the improvements included within the agreement referred to in §
22-601 hereof, the Board shall institute appropriate legal or equitable proceedings to enforce the bond or other security referred to in §
22-602 hereof, or if no bond or other security is enforceable or if the proceeds thereof are insufficient to pay the cost of completing the construction or installation of such improvements or the cost of making repairs or corrections thereto prior to receiving the cost thereof from the surety on the bond, from the other security, or from the developer. All funds recovered from the surety, from other security, or from the developer shall be used solely for such improvements and not for any other Township purpose.