A.
Endorsement of final plat.
(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 expense and without reimbursement by the village or any special district, all street and other improvements as shown on the approved construction plans, except the final street wearing course and sidewalks or, as an alternative, file with the Board of Trustees a letter of credit in an amount fixed by the Planning Board in its resolution to secure to the village the satisfactory construction, installation and completion of such improvements. All such improvements must be completed within one year of the date of the Planning Board resolution. All improvements shall be completed to the satisfaction of the Planning board, in accordance with the approved construction plans and the requirements of these regulations.
(2)
The irrevocable letter of credit to be delivered by the applicant to the Village of Woodsburgh shall be from a bank having an office in Nassau County and having capital in the minimum amount of $50,000,000. Said letter of credit shall authorize payment to the Village of Woodsburgh upon sight drafts accompanied by the written certification of the Planning Board Chairman that the required improvements have not been completed to the satisfaction of the Village Engineer within one year of the date of the Planning Board resolution. Such sight drafts shall be in the aggregate amount of all expenses incurred by the village for the provision of required improvements. In the event that the applicant has elected to deposit cash with the Village of Woodsburgh in lieu of such letter of credit, the village shall be authorized to pay for the expenses of provision of the required improvements and out of such cash, and any excess cash remaining after the completion of such improvements shall be returned to the applicant.
B.
Issuance of building permits and certificates of occupancy.
(1)
No building permits shall be issued until such time as all required public improvements except for final road wearing courses and sidewalks, if required, are completed to the satisfaction of the Village Engineer. Thereafter, homes and building permits and certificates of occupancy for additional lots other than the final 10% of all lots may be issued upon the applicants delivering to the Village of Woodsburgh, for each lot, an irrevocable letter of credit in favor of the Village of Woodsburgh in form and manner of execution satisfactory to the Village Attorney in an amount equal to twice the total cost of the final road wearing course and sidewalks, if required, divided by the number of lots in the subdivision or, in lieu of such letter of credit, upon the applicant's depositing such amount of cash with the Village of Woodsburgh. No building permits shall be issued for the final 10% of all lots until all required public improvements are fully completed to the satisfaction of the Village Engineer and dedicated to the Village of Woodsburgh.
(2)
The irrevocable letter of credit to be delivered by the applicant to the Village of Woodsburgh shall be from a bank having an office in Nassau County and having capital in the minimum amount of $50,000,000. Said letter of credit shall authorize payment to the Village of Woodsburgh upon sight drafts accompanied by the written certification of the Planning Board Chairman that the final road wearing courses and sidewalks have not been completed to the satisfaction of the Village Engineer within the earlier of the following two periods: one year from the date of filing of the final subdivision plat or six months from the date of issuance of the building permit for the last lot other than the final 10% of all lots. Such sight drafts shall be in the aggregate amount of all expenses incurred by the village for the provision of final road wearing course and sidewalks. In the event that the applicant has elected to deposit cash with the Village of Woodsburgh in lieu of such letter of credit, the village shall be authorized to pay for the expenses of provision of final road wearing courses and sidewalks out of such cash, and any excess cash remaining after the completion of such final improvements shall be returned to the applicant.
C.
Failure to complete improvements.
(1)
Where a letter of credit is not filed. If all required improvements are not completed within the period specified in the Planning Board resolution of approval, such approval shall be deemed to have expired unless, upon request of the applicant, the period has been extended by resolution of the Planning Board.
(2)
Where a letter of credit is filed. If all required improvements are not completed within the term specified by the Planning Board and set forth in the filed letter of credit and if no application for the extension of such period and letter of credit has been made by the applicant and approved by the Planning Board, the Board of Trustees shall notify the applicant of the expiration of such specified term and of the action it proposes to take to complete such improvements. Not less than 30 days from such notification, the Board of Trustees may arrange for the completion of such improvements by a contractor or contractors of its choice and shall pay for such improvements by sight drafts drawn upon such letter of credit. The Board of Trustees shall have absolute authority to select the contractor or contractors to complete such improvements, and the applicant shall have no recourse against the village for any claims whatsoever resulting from the selection of contractors. By submitting an application for final plat approval, each applicant shall be deemed conclusively to have consented to the provisions of this section.
D.
Modification of letter of credit.
(1)
Extension of period specified in letter of credit. The time period specified for the completion of all required improvements, as set forth in the letter of credit, may be extended only by resolution of the Planning Board upon request by the applicant, setting forth, in detail, the amount of work which has been completed, reasons for failure to complete the remainder of the work within the specified period, the maximum estimated time required to complete the remainder of the work and the time period extension which is requested.
(2)
Reduction of letter of credit. An applicant may request, in writing, that the Planning Board authorize a reduction in the amount of the letter of credit. Such request shall itemize the extent of required improvements already completed, the estimated cost of improvements remaining to be completed and the amount of the letter of credit reduction requested. Then, upon approval of the Board of Trustees and after due notice and public hearing, the Planning Board may, if it determines that sufficient required improvements have been installed to warrant such action, reduce the amount of the letter of credit by an appropriate amount so that the new amount will cover the cost in full of all required improvements remaining to be completed.
E.
Modification of requirements. If at any time, either before or during the course of construction of the required improvements, it is determined by the Planning Board that unforeseen conditions make it necessary to modify the location or design of any improvements, the Board may modify the terms and conditions of the approval so as to require such changes as may be necessary to comply with the spirit and intent of the Board's original approval and to conform to accepted engineering practices. If such modification affects the scope of work covered by a letter of credit, the Board may require or allow appropriate modification of such letter of credit.