A.
No plan shall be finally approved unless the streets shown on such plan have been improved as may be required by this chapter, and any walkways, curbs, gutters, streetlights, fire hydrants, shade trees, water mains, sanitary sewers, storm drains, stormwater management facilities, or other improvements as may be required by this chapter have been installed in accordance with this chapter, except that the surface course of streets shall not be completed until such time as 90% of the lots in the subdivision or land development have been improved by the construction of a dwelling if approved for residential development or by the construction of the proposed commercial or industrial structures if the lots are approved for such uses.
B.
In lieu of the construction and completion of the improvements required by this chapter as a condition for final plan approval, the developer may deposit with the Township and/or the Authority, as applicable, a letter of credit, or other financial security authorized by the Municipalities Planning Code and acceptable to the Board and/or the Authority in an amount equal to 110% of the estimated cost of the required improvements at a time 90 days following the date scheduled for completion of the respective improvements by the developer.
C.
The amount of financial security required by the Township shall be based upon an estimate of the cost of the improvements, submitted by a 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 estimated cost of the surface course shall be computed separately from the estimated cost of completing the other improvements and shall be based upon the developer's projected timetable for completion of the development. The Township, upon the recommendation of the Township Engineer, may refuse to accept such estimate for good cause shown. If the 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 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 developer.
D.
The amount of financial security to be posted for the completion of the required 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 90th day 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 subsection.
E.
As the work of installing the required improvements proceeds, the party posting the financial security may request the Township to release or authorize the release, from time to time, such portions of the financial security necessary for payment to the contractor or contractors performing the work. Any such requests shall be in writing addressed to the Township, and shall include a list of what items have been completed along with the amount of reduction requested based upon the approved estimate of the cost of the improvements. The Township shall have 45 days from receipt of such request within which to allow the Township Engineer to certify, in writing, to the Township that such portion of the work upon the improvements has been competed in accordance with the approved plat and applicable ordinances. Upon such certification, the Township shall authorize release by the bonding company or lending institution of an amount as estimated by the Township Engineer fairly representing the value of the improvements completed or, if the Township fails to act within said forty-five-day period, the Township shall be deemed to have approved the release of funds as requested. The Township may, prior to final release at the time of completion and certification by the Township Engineer, retain 10% of the original amount of the posted financial security for the aforesaid improvements.
F.
The Township shall require the retention of a minimum of 10% of the value of the work completed until the party posting the financial security provides the Township with as-built plans, prepared in accordance with the applicable ordinances, demonstrating all improvements on the approved plans have been constructed in accordance with the approved plan and the requirements of this chapter and all other applicable ordinances, statutes and regulations.
G.
The developer's engineer or landscape architect shall certify that they observed the installation of all stormwater management facilities outside of the existing or proposed public (dedicated) right-of-way and that the stormwater management facilities function in accordance with the approved plans.
H.
The certification by the developer's engineer or landscape architect shall accompany all requests for financial security reduction.
I.
At such time as 90% of the lots in the subdivision have been improved as set forth above, or at the expiration of the time agreed to by the applicant and the Board for completion of all improvements excepting the surface course has been completed, less than 90% of the lots have been so improved, the Township may notify the developer to complete the surface course within 60 days from the date of such notice. In computing the sixty-day requirement, the period from October 1 to April 1 shall not be counted.
J.
If at the time the surface course is completed, 90% of the lots are not improved as set forth above, the developer shall post with the Township financial security in an amount equal to 15% of the reasonable cost of the surface course as security to guarantee that damages to the road or street would not occur during the completion of the improvements on the unimproved lots in such developer's subdivision or land development. The Township shall hold such financial security and utilize it to pay for the repair of any damage occurring to the road during the period between the commencement of improvements on any particular unimproved lot and the completion of such improvements irrespective of whether or not it can be established that the damage to the road was caused by contractors or other persons working in and about the construction of such improvements. The financial security shall be in a form acceptable to the Township.