A completion guarantee or financial security in the form of
a bond, cash deposit, cashier's check or other negotiable securities
acceptable to the Township shall provide for, and secure to the Township,
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, storm sewer
collection and conveyance systems, 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 Township 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 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 section.
The completion guarantee or financial security shall be returned
or released upon written certification by the Township 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 Township Board of Commissioners 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 Township Board of Commissioners
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 Township 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 Township and accepted
by separate resolution of the Board of Commissioners or until they
have been condemned for use as a public facility. The Township shall
be under no obligation to accept such facilities or controls unless
and until the Township so determines that it is in the best interest
of the Township to do so.
B.
Prior to acceptance of any improvements or facilities, the Township
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 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:
The owner shall establish an escrow fund with Penn Township
for as-built plan reviews and inspections. This escrow fund shall
be an amount equal to 7% of the full cost to install the stormwater
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.
A.
The Township of Penn Board of Commissioners may adopt by resolution,
from time to time, a reasonable schedule of fees to cover the cost
of preapplication and preconstruction meetings, plan reviews and other
activities necessary to administer, monitor and enforce the provisions
of this chapter.
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, preconstruction
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 Township of Penn Board of Commissioners
reserves the right to revise or amend the fee schedule from time to
time through adoption of a resolution that establishes a new fee schedule
as necessary to administer, monitor and enforce the provisions of
this chapter.
