[Amended 11-2-2010]
The final plan shall be accompanied by a performance guarantee or, at the sole discretion of the Planning Board, a conditional agreement.
A. 
Performance guarantees may be tendered in one of the following forms:
(1) 
Certified check payable to the Town of Camden; or
(2) 
Savings account passbook issued in the name of the Town of Camden; or
(3) 
Irrevocable letter of credit from a financial institution acceptable to the Planning Board; or
(4) 
Faithful performance bond running to the Town of Camden and issued by a surety company licensed to do business in the State of Maine; or
(5) 
Sufficient deed to the Town of Camden for a lot or lots within the subdivision.
B. 
Except for the form of guarantee described in Subsection A(5) above, the amount of the guarantee shall be 125% of the cost of furnishing, installing, connecting and completing in good working condition all of the street grading, paving, storm drainage, utilities, and other similar improvements, as specified in the final plan. The guarantee given in the form of land, as described in Subsection A(5) above, shall carry an appraised market value of 150% of the cost of the proposed improvements. All guarantees shall be conditioned upon the completion of all such improvements within two years from the date of the approval of the final plan, as recorded on the subdivision plat, with extensions to this deadline only as permitted in Article VIII of this chapter. If a performance guarantee as described in Subsection A above has been satisfactorily filed with the Town, building permits may be issued for construction within the subdivision prior to completion of required improvements, but prior to occupancy of a building or dwelling unit, the improvements serving that building or dwelling unit shall be in place and serviceable.
The Planning Board shall not grant a partial release of guarantee. The entire performance guarantee shall be released by the Planning Board upon the request of the developer only after:
A. 
The Board receives the certifications of completion required in Article IX.
B. 
The developer has furnished the Town with an accurate record plan and profile (which may be the original reproducible drawing with corrections, provided the Town has been provided with a print of the unaltered original as approved by the Planning Board) of all streets, including drainage lines and appurtenances, sanitary sewerage lines and appurtenances, water mains and appurtenances, and all other utilities as actually installed, with sufficient ties for proper identification.
C. 
The developer has presented to the Town Manager a petition for the laying out and acceptance as a Town way of the dedicated streets in the subdivision or portion thereof for which release of the performance guarantee is sought.