As a condition of preliminary or final site
plan approval, the reviewing board may require and shall accept in
accordance with the standards adopted by this chapter for the purpose
of assuring the installation and maintenance of on-tract improvements:
A. Performance guarantee.
(1) The furnishing of a performance guarantee in favor
of the Township in an amount not to exceed 120% of the cost of installation
for improvements it may deem necessary or appropriate, including streets;
grading; pavement; gutters; curbs; sidewalks; streetlighting; shade
trees; surveyor's monuments, as shown on the final map and required
by the Map Filing Law, N.J.S.A. 46:23-9.9 et seq., and 40:55D-53;
water mains; culverts; storm sewers; sanitary sewers or other means
of sewage disposal; drainage structures; erosion control and sedimentation
control devices; public improvements of open space; and other on-site
improvements and landscaping, provided that no more than 10% of the
total performance guarantee shall be in cash, and the balance shall
be in the form of a bond from a bonding company approved by the Township
Committee.
(2) The Township Engineer shall itemize the improvements
which he recommends to be bonded for by the applicant. The reviewing
board shall then establish the improvements to be bonded and forward
a list of same to the applicant. The applicant shall then forward
an estimate of the cost of such items including detailed calculations
of the same to the board and the Township Engineer. The Township Engineer
shall then review these estimates and forward his recommendations
to the reviewing board who shall establish the amount of performance
guarantee and maintenance guarantee required. The applicant shall
forward his estimate of the cost of the improvements and calculation,
within 30 days of a request therefor from the reviewing board.
B. The furnishing of a maintenance guarantee to be posted
with the Township Committee for a period not to exceed two years after
final acceptance of the improvement, in an amount not to exceed 15%
of the cost of the improvement. In the event that other governmental
agencies or public utilities automatically shall own the utilities
to be installed or the improvements are covered by performance or
maintenance guarantee to another governmental agency, no performance
or maintenance guarantee, as the case may be, shall be required for
such utilities or improvements.
Off-tract improvements may be assessed as a
condition of approval in accordance with the provisions of the land
subdivision chapter and within this section.