A. 
With submittal of the application for final plan approval, the subdivider shall provide one of the following performance guarantees for an amount adequate to cover the total construction costs of all required improvements in the current phase, taking into account the time span of the construction schedule and the inflation rate for construction costs:
(1) 
A certified check payable to the Town or a savings account or certificate of deposit naming the Town as owner, for the establishment of an escrow account; or
(2) 
The applicant may agree to a condition of approval that no lots will be sold and no building permits issued until all required improvements in the current phase have been constructed.
B. 
The conditions of the performance guarantee shall be determined by the Board with the advice of the Town Engineer, Road Commissioner, and municipal officers.
The performance guarantee shall contain a construction schedule; cost estimates for each major phase of construction, taking inflation into account; provisions for inspections of each phase of construction; provisions for the release of part or all of the performance guarantee to the developer; and a date after which the developer will be in default and the Town shall have access to the funds to finish construction.
A cash contribution to the establishment of an escrow account shall be made by either a certified check made out to the municipality, the direct deposit into a savings account, or the purchase of a certificate of deposit. For any account opened by the subdivider, the municipality shall be named as owner or co-owner and the consent of the municipality shall be required for a withdrawal. Any interest earned on the escrow account shall be returned to the subdivider except for any portion of the interest earned that was needed, in addition to the principal of the escrow account, to pay for completion of the required improvements.
A. 
The Board, at its discretion, may allow the subdivider to enter into a binding agreement with the municipality in lieu of the escrow account. Such an agreement shall provide for approval of the final plan on the condition that no lots may be sold or built upon until it is certified by the Board, or its agent, that all of the required improvements for the current phase of the subdivision have been installed in accordance with this chapter and the regulations of the appropriate utilities.
B. 
Notice of the agreement and any conditions shall be on the final plan that is recorded by the subdivider at the Registry of Deeds. Release from the agreement shall follow the procedures for release of the performance guarantees contained in § 185-47. Proof of recording shall be provided by the subdivider to the Board.
The Board may approve plans to develop a major subdivision in separate and distinct phases. This may be accomplished by limiting final approval to those lots abutting that section of the proposed subdivision street that is covered by a performance guarantee. When development is phased, road construction shall commence from an existing public way and temporary turnarounds to allow access for emergency vehicles will be constructed. Final approval of lots in subsequent phases shall be given only upon satisfactory completion of all requirements pertaining to previous phases.
Prior to the release of any part of the performance guarantee, the Board shall determine to its satisfaction that the proposed improvements meet or exceed the design and construction requirements for that portion of the improvements for which the release is requested.
If, upon inspection, it is found that any of the required improvements have not been constructed in accordance with the plans and specifications filed as part of the application, the CEO shall so report, in writing, to the municipal officers, the Board, and the subdivider or builder. The municipal officers shall take any steps necessary to preserve the Town's rights.
Where the subdivision streets are to remain privately owned roads, the following words shall appear on the recorded plan: "All roads in this subdivision shall remain private roads to be maintained by the developer or the lot owners and shall not be accepted or maintained by the Town." The subdivider shall be required to maintain all private roads, including winter maintenance, until a homeowners' association is established to accept maintenance responsibility.