A performance bond or equivalent security shall be delivered to the Town Board to guarantee thereby to the Town that the applicant shall faithfully cause to be constructed and completed within a reasonable time the required improvements and convey the required lands and improvements, where applicable, to the Town free and clear of all encumbrances.
A. Procedure. Before the Planning Board grants final approval of the final subdivision plat, the applicant shall provide to the Planning Board a detailed engineer's cost estimate for all required improvements for review and concurrence by the Town Engineer. Final approval of the final subdivision plat shall subsequently follow the procedure set forth in either Subsection
A(1) or
A(2).
(1) If any amount is set by the Planning Board, the applicant shall either file with the Town Clerk a certified check to cover the full cost of the required improvements or the applicant shall file with the Town Clerk a performance guarantee to cover the full cost of the required improvements. Any such performance bond or equivalent security shall comply with the requirements of § 277 of the New York State Town Law and, further, shall be satisfactory to the Town Board and Town Attorney as to form, sufficiency, manner of execution and surety. A period of one year, or such other period as the Planning Board may determine appropriate, but not exceeding three years, shall be set forth in the bond or equivalent security as the period within which the required improvements must be completed. The applicant shall additionally file a copy of said certified check or other performance guarantee with the Planning Board. If the Planning Board shall decide at any time during the term of the performance guarantee that the extent of building development that has taken place in the subdivision is not sufficient to warrant all the improvements covered by such performance guarantee or that required improvements have been installed in sufficient amount to warrant reduction in the amount of said performance guarantee or that the character and extent of such development requires additional improvements previously waived for a period stated at the time of fixing the original terms of such bond or equivalent security, the Planning Board may modify its requirements for any or all such improvements, and the face value of such performance guarantee shall thereupon be reduced or increased by an appropriate amount so that the new face value will cover the cost in full of the amended list of improvements required by the Planning Board, and any security deposited with the bond may be reduced or increased proportionately.
(2) The applicant shall complete all required improvements to the satisfaction of the Town Engineer, who shall file with the Planning Board a letter specifying the satisfactory completion of all improvements required by the Planning Board. For any required improvements not so completed, the applicant shall file with the Town Clerk a bond or certified check covering the costs of such improvements, in addition to the cost of satisfactorily installing any improvements not approved by the Town Engineer. Any such bond shall be satisfactory to the Town Board and Town Board Attorney as to form, sufficiency, manner of execution and surety. The applicant shall additionally file a copy of said certified check or other performance guarantee with the Planning Board. The applicant shall file with the Town Board a maintenance bond in an amount of 15% of the cost estimate for installation of required improvements and which shall be adequate to assure the satisfactory condition and operation of the initial public improvements for a period of one year following their completion and acceptance. Such maintenance bond shall be satisfactory to the Town Board Attorney as to form, manner of execution and surety and in an amount satisfactory to the Town Engineer. The applicant shall additionally file a copy of said certified check or other performance guarantee with the Secretary of the Planning Board.
B. As-built drawing required. No required improvements shall be considered to be completed until the installation of the improvements has been approved by the Town Engineer and a map, certified by the applicant's engineer and satisfactory to the Planning Board, has been submitted indicating the specific location of all underground utilities as actually installed. If the applicant completes all required improvements according to provisions of Subsection
A(2) above, then said map shall be submitted prior to endorsement of the final plat by the Planning Board Chairperson. However, if the applicant chooses to provide a performance guarantee for all required improvements as specified in Subsection
A(1) above, such bond or equivalent security shall not be released until the required as-built drawing is submitted and deemed satisfactory by the Planning Board.