[Amended 4-2-1992 by Ord. No. 92-1]
In lieu of the completion of any improvements
required as a condition for final plan approval, financial security
in an amount sufficient to cover the costs of any improvements or
common amenities shall be provided to the Township.
A. Type of security.
(1) Without limitation as to the type of financial security
which the Township may approve, which approval shall not be unreasonably
withheld, irrevocable letters of credit from a Federal Commonwealth
chartered lending institution and/or restrictive or escrow accounts
in such lending institutions shall be deemed acceptable financial
security for the purposes of this section. The developer shall be
required to execute such escrow agreement prepared by the Township
Solicitor.
(2) 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 said bonding company or lending institution is authorized
to conduct business within the commonwealth.
B. Amount. The amount of the financial security shall
be equal to 110% of the cost of the required improvements for which
financial security is to be posted.
C. Determination of improvement costs. The cost estimate
of public improvements is to be determined by a professional engineer
retained by the developer, subject to review and approval of the Township
Engineer. Any dispute of the cost estimate shall be addressed pursuant
to the procedure contained in § 509 of the Pennsylvania
Municipalities Planning Code.
D. Time limit. Such financial security shall provide
for, and secure to the public, the completion of all subdivision improvements
for which such security is being posted within one year of the date
fixed in the subdivision agreement for completion of such improvements.
E. Delayed completion. If the subdivider, developer or
builder requires more than one year from the date of posting of the
financial security to complete the required improvements, the amount
of financial security may be increased by an additional 10% for each
one-year period beyond the first anniversary date from posting of
financial security, or to an amount not exceeding 110% of the cost
of completing the required improvements as reestablished on or about
the expiration of the proceeding one-year period by using the above
bidding procedure.
F. Development in stages. In the case where development
is protected over a period of years, the Board of Supervisors may
authorize submission of final plats by section or stages of development
subject to such requirements or guarantees 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.
G. Water and sewer facilities. If water mains or sanitary
sewer lines, or both, along with apparatus of facilities related thereto,
are to be installed under the jurisdiction and pursuant to the rules
and regulations of a public utility or municipal authority separate
and distinct from Upper Frederick Township, financial security to
assure proper completion and maintenance thereof shall be posted in
accordance with the regulations of the controlling public utility
or municipal authority and shall not be included within the financial
security as otherwise required by this section.
[Amended 4-2-1992 by Ord. No. 92-1]
Certain improvements beyond the geographical boundaries of a site to be subdivided and/or developed, including but not limited to road improvements, may be required by the Board of Supervisors to be constructed by the developer where it can clearly be demonstrated that such improvements have been made necessary solely through the additional burden imposed by the subdivision and/or development of the site. All such improvements or contributions toward said improvements shall be considered solely voluntary contributions by the developer and nonrefundable. The subdivider or developer may be required to cover costs which may be incurred by the Township or other governmental jurisdiction in order to make these improvements feasible. The legal and financial arrangements to cover costs of off-site improvements shall be the same as those prescribed in §
240-48.