A.
Completion of improvements or posting of bond. Before the plat is signed by the Chairman of the Planning Board, the applicant shall be required to complete, in accordance with the Planning Board's resolution and to the satisfaction of the Department of Engineering and Facilities Management, all the street, sanitary and other improvements specified in the plat or, as an alternative, to post a bond or other acceptable type of monetary guaranty (i.e., cash deposit or certificate of deposit, which shall be in a form satisfactory to the Town Attorney) at the time of application, estimated by the Planning Board as sufficient to secure to the town the satisfactory construction and installation of the uncompleted portion of the required improvements. Such performance bond shall comply with the requirements of § 277 of the Town Law and shall be satisfactory to the Town Attorney as to form, sufficiency and manner of execution The period within which required improvements must be completed shall be specified by the Planning Board and expressed in the bond, but in no case for a period of more than three years unless the period is extended by the Planning Board with the consent of the involved parties.
[Amended 12-13-2018 by L.L. No. 9-2018]
B.
Costs to be borne by applicant. All required improvements shall be made by the applicant at the applicant's expense without reimbursement by the town or any district herein.
C.
Failure to complete improvements. For subdivisions for which no performance bond has been posted, if the improvements are not completed within the period specified by the Planning Board in the resolution approving the plat, the approval shall expire. In those cases where a performance bond or other guaranty has been posted and required improvements have not been installed within the term of such guaranty, the Town Board may thereupon declare said guaranty to be in default and require that all the improvements be installed regardless of the extent of the development at the time the guaranty is declared to be in default.