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.