A completion guarantee or financial security in the form of
a bond, cash deposit, cashier's check or other negotiable securities
acceptable to the municipality shall provide for, and secure to the
municipality, 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. The guarantee or security
shall cover any and all stormwater management facilities, BMPs, erosion
and sedimentation controls, preparation of as-built drawings, and
other required improvements (collectively, "improvements") and 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 municipality may adjust the amount of 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 90th day after either the original date
scheduled for completion or a rescheduled date of completion. Subsequent
to said adjustment, the municipality 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 subsection.
The completion guarantee or financial security shall be returned
or released upon written certification by the municipality engineer
or a designated agent that improvements and facilities have been installed
and completed in accordance with the approved plan and specifications.
If improvements are not installed in accordance with the approved
final plans, the Board of Supervisors of the Township of Mount Pleasant
may enforce any corporate bond or any security by appropriate legal
and equitable remedies. If proceeds of such bond or other security
are insufficient to pay the cost of installing or making repairs or
corrections to all the improvements covered by said security, the
Board of Supervisors of the Township of Mount Pleasant may at its
option install part of such improvements in all or part of the development
and may institute appropriate legal or equitable action to recover
the monies necessary to complete the remainder of the improvements.
All proceeds, whether resulting from the security or from any legal
or equitable action brought against the developer, or both, shall
be used solely for the installation of the improvements covered by
such security and not for any other municipality purpose.
A.
When streets, sanitary sewers, stormwater management facilities,
BMPs, erosion and sedimentation controls or other required improvements
in the development have been completed in accordance with the final
plans, such improvements shall be deemed private until such time as
they have been offered for dedication to the municipality and accepted
by separate ordinance or resolution or until they have been condemned
for use as a public facility. The municipality shall be under no obligation
to accept such facilities or controls unless and until the municipality
so determines that it is in the best interest of the municipality
to do so.
B.
Prior to acceptance of any improvements or facilities, the municipality
engineer shall inspect the same to ensure that the same are constructed
in accordance with the approved plans and are functioning properly.
C.
The owner shall submit as-built plans for all facilities proposed
for dedication.
Prior to the acceptance of any improvements or facilities, or
in the event that the improvements or facilities are to be privately
owned and maintained, applicant shall provide financial security to
secure the structural integrity and functioning of the improvements.
The security shall:
A.
Municipal project plan review fee and inspections. Fees covering
costs to Mount Pleasant Township for plan review and inspection shall
be in an amount equal to 7% of the total cost to install the facilities
required by the approved plan. No approval to begin any work on the
project shall be issued until the requisite fees have been paid.
B.
Expenses covered by fees. The fees required by this chapter shall,
at a minimum, cover:
(1)
Administrative/clerical costs.
(2)
The review of the project plan and the BMP operation and maintenance
plan by the municipal engineer.
(3)
The site inspections, including, but not limited to, pre-construction
meetings, inspections during construction of stormwater BMPs and final
inspection upon completion of the stormwater BMPs.
(4)
Any additional work required to monitor and enforce any provisions
of this chapter, correct violations and assure proper completion of
stipulated remedial actions.
C.
Amendment of required fees. The Board of Supervisors of the Township
of Mount Pleasant may adopt by resolution, from time to time, a reasonable
schedule of fees to cover the cost of pre-submitted and pre-construction
meetings, plan reviews, inspections and other activities necessary
to administer, monitor and enforce the provisions of this chapter.
