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 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 City 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 City 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 amount of
the guarantee or financial security required shall be determined utilizing
the provisions of § 509(g) of the Municipalities Planning
Code.
The completion guarantee or financial security shall be returned
or released upon written certification by the City Engineer or a designated
agent that improvements and facilities have been installed and completed
in accordance with the approved plan and specifications. The procedures
for requesting and obtaining a release of the completion guarantee
shall be in a manner prescribed by the § 510 of the Municipalities
Planning Code.
If improvements are not installed in accordance with the approved
final plans, the City Council 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 City Council 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 City purpose.
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 City and accepted by
separate ordinance or resolution or until they have been condemned
for use as a public facility. The City shall be under no obligation
to accept such facilities or controls unless and until the City so
determines that it is in the best interest of the City to do so.
A. 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.
B. The owner shall submit as-built plans for all facilities proposed
for dedication.
Prior to acceptance of any improvements or facilities, the applicant
shall provide financial security to secure the structural integrity
and functioning of the improvements. The security shall:
A. Be in the form of a bond, cash, cashier's check or other negotiable
securities acceptable to the City.
B. Be for a term of 18 months.
C. Be in an amount equal to 15% of the actual cost of the improvements
and facilities so dedicated.
The City Council 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. All fees shall be set in accordance with the applicable provisions
of the Municipalities Planning Code, 53 P.S. § 10101 et
seq., and any dispute over the fee amount shall be resolved in the
manner prescribed by the Municipalities Planning Code.