Where an improvement agreement is to be utilized,
such a document shall be a legally binding contract between the developer
and the Township and shall at a minimum include the following assurances:
A. That development will occur as shown on the approved
plot plans and that improvements will be installed in accordance with
the plans, specifications and schedules approved by the Township Supervisors;
B. That the subdivider/developer will be responsible
for bearing the cost of installation of all required improvements
for the development and for meeting all terms of the plan's approval;
C. That satisfactory financial arrangements have been made to guarantee the installation, inspection and maintenance of all required improvements in accordance with the requirements set forth in §§
211-38 and
211-41 below; and
D. That, where applicable, the developer has approval
from and an executed developer's agreement with the Mahoning Township
Authority for installation of public sewers and/or public water in
the development.
In the event that any improvements which may
be required have not been installed as provided in this chapter or
in accordance with the approved final plan, the Supervisors shall
enforce any corporate bond or other security or performance guarantee
by appropriate legal and equitable remedies. If proceeds of such bond
or other security are insufficient to pay the cost of installing or
making repairs or corrections to all the improvements covered by said
security, the Supervisors may, at their option, install part of such
improvements in all or part of the subdivision or land development
and may institute appropriate legal or equitable action to recover
the monies necessary to complete the remainder of the improvements.
All of the proceeds, whether resulting from the security or from any
legal or equitable action brought against the subdivider/developer,
or both, shall be used solely for the installation of the improvements
covered by the security and not any other municipal purpose.