A.
Completion of improvements or filing of bond.
(1)
After adoption of a resolution approving a final subdivision plat and before the plat is endorsed by the Planning Board Chairman or other duly authorized member, the applicant shall be required to complete, at his or her expense and without reimbursement by the Town or any special district, all street and other improvements as shown on the approved construction plans or as otherwise specified in the resolution and to dedicate the same to the Town of Pound Ridge free and clear of all liens and encumbrances on the property and public improvements thus dedicated. If the road is not to be dedicated, then the appropriate agreements as required by § A117-29C of these regulations shall be filed with the County Clerk, Division of Land Records.
(2)
The Planning Board, at its discretion may waive the requirement that the applicant complete and dedicate all public improvements or file the necessary documentation regarding improvements not to be dedicated prior to the signing of the subdivision plat and permit the applicant to post a surety bond at the time of application for final subdivision approval in an amount estimated by the Town Engineer as sufficient to secure to the Town the satisfactory construction, installation and dedication of the incompleted portion of any required improvements. The bond shall state the period within which the required improvements must be completed.
(3)
All improvements shall be initiated within six months and completed within 18 months of the signing of the final subdivision plat by the Planning Board Chairman pursuant to § A117-14L of these regulations unless such periods are specifically extended by the Planning Board. All improvements, including the construction of all roads, the implementation of soil erosion control measures, landscaping, drainage and other improvements, shall be completed to the satisfaction of the Town Engineer and approved by the Planning Board, in accordance with the approved construction plans and the requirements of these regulations.
B.
Posting of a performance bond. If the applicant elects to file a performance bond, such bond shall comply with the requirements of § 277 of the Town Law and shall be posted prior to the signing of the subdivision plat. The bond is to be written by a surety company licensed to do business in the State of New York, and said company shall be an accepted and approved listed company as evidenced by Circular 570 published by the United States Department of the Treasury, current edition. The Town Attorney shall review said bond and rule as to form and acceptability prior to the signing of the subdivision plat. The amount of the bond and the period within which the required improvements must be completed shall be conditioned on the satisfactory completion of all required improvements within such period, although the Planning Board may require that the bond also be conditioned on the completion of certain phases of construction within such shorter period as may be specified in the Board's resolution.
C.
Posting of maintenance funds. The applicant shall post maintenance funds in the form of cash, letter of credit or other readily accessible method in an amount determined adequate by the Town Engineer to be retained for a period of one year after the date of dedication of the required improvements. The purpose of these funds is to assure the satisfactory condition of any required improvements, that the road is maintained in an all-weather passable condition, and that all improvements operate satisfactorily if certificates of occupancy are issued during the term of the performance bond under the provisions of § A117-29 of this Article. The Town Engineer may recommend to the Town Board that separate funds be posted with the Town in cash or equivalent to an amount determined adequate by the Town Engineer to be used for the immediate reimbursement of the Town of any expenses incurred pursuant to § A117-29 of this Article.
D.
Costs to be borne by the applicant. All required improvements shall be made by the applicant, at his or her expense, without reimbursement by the Town or any district therein.
E.
Failure to complete improvements.
(1)
Where performance bond is not posted. If the improvements are not completed within the period specified either in Subsection A of this section of these regulations or by the Planning Board in the resolution approving the subdivision plat, the approval shall be deemed to have expired. The applicant may reapply for approval of his or her proposed subdivision in accordance with these regulations.
(2)
Where a performance bond is furnished. If the improvements are not completed within the term of such performance bond and if no application for the extension of the bond has been made by the developer and approved by the Planning Board, the Town Board may thereupon declare the bond to be in default.