[Amended 9-20-1982 by Ord. No. 232]
A.
The applicant shall agree, in writing, to construct streets and other improvements required by this chapter from the lot or lots to be sold or built upon to an existing improved street, subject to the provisions of § 270-5 herein. The work shall be performed in strict accordance with approved plans and the Township standards and specifications or the applicable provisions of the Pennsylvania Department of Transportation Specifications 408, latest edition, or any subsequent number or section thereof. No plan shall be finally approved until the developer has completed all of the necessary and appropriate improvements as required as a condition for final approval of a plan or until such time as the applicant has provided a proper guaranty in the form of performance bond or bonds with surety satisfaction to the Township or by the deposit of funds or securities in escrow or by the presentation of an irrevocable letter of credit from a federal- or commonwealth-chartered lending institution. Such financial security shall be posted with a bonding company or federal- or commonwealth-chartered lending institution chosen by the developer, builder or subdivider posting the financial security, provided that said bonding company or lending institution is authorized to conduct business within the commonwealth. When requested by the applicant, to facilitate financing, the Township shall furnish him with a signed copy of a resolution indicating approval of the final plat contingent upon the applicant obtaining satisfactory financial security. The final plat or record plan shall not be signed nor recorded until the financial security agreement is executed. The resolution of contingent approval shall expire and be deemed to be revoked if the financial security agreement is not executed within 90 days unless written extension is granted by the Board of Supervisors. Such extension shall be placed in writing. The amount of financial security shall be equal to 110% of the cost of the required improvements for which the financial security is to be posted, estimated as of 90 days following the date scheduled for completion by the applicant. The cost of the improvements shall be based upon an estimate prepared by a professional engineer licensed in the Commonwealth of Pennsylvania. Said estimate shall be certified by said engineer to be a fair and reasonable estimate of such cost. The Township, upon recommendation of the Township Engineer, may refuse to accept said estimate for good cause shown. If the applicant and Township are unable to agree upon an estimate, the estimate shall be recalculated and recertified by another licensed professional engineer, who shall mutually be chosen by the applicant and the Township. The estimate certified by the third engineer shall be presumed fair and reasonable and shall be the final estimate. Fees for the services of said third engineer shall be paid equally by the Township and applicant. The applicant shall also guarantee that no lot will be sold or building constructed in any flood-prone area prior to completion of all floodproofing measures planned for such lot and necessary access facilities.
[Amended 12-16-1991 by Ord. No. 307]
B.
Such financial security shall provide for and secure to the public the completion of all subdivision improvements for which such security is being posted by the date fixed in the subdivision plan or subdivision agreement for completion of such improvements. 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 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 to complete the required improvements. The Township may require the applicant to post additional financial security to assure that it equals the required 110% of the cost of completing the required improvements as reestablished by using the above procedure.
[Amended 12-16-1991 by Ord. No. 307]
C.
In the case where development is projected over a period of years, the Board of Supervisors may authorize the submission of final plans by sections or stages of development, subject to such requirements or guaranties as to improvements in future sections or stages of development as it finds essential for the protection of any finally approved section of the development.