As an alternative to the completion of the required improvements,
the subdivider may, prior to the approval of the final plat by the Planning
Board, file a certified check, irrevocable letter of credit or other security
with the Town Clerk. The amount of the certified check, irrevocable letter
of credit or other security shall be estimated by the developer's engineer
and approved by the Town's Director of Public Works. Such security shall be
sufficient to cover the full cost of the required improvements deemed necessary
by the Planning Board. Any such letter of credit shall comply with the requirements
of § 33 of New York State Town Law and shall be satisfactory to the Planning Board and the Town Attorney
as to form, sufficiency, manner of execution and surety. The Planning Board
shall determine an appropriate period of time to be set forth within the security
agreement (not to exceed three years) within which the required improvements
shall be completed. The term of the security agreement may, however, be extended
by mutual agreement of the Planning Board and the subdivider.