A performance bond is posted by the subdivider to guarantee to the Town that he will faithfully construct or cause to be constructed the required improvements which were an integral part of his approved final plat and, further, that the construction shall be completed within a reasonable period of time.
[Amended 1-26-1996 by L.L. No. 1-1996]
The performance bond may be either a personal bond secured by a cash deposit or from a surety company, or a first mortgage on all or a portion of the subdivision property guaranteed by fee insurance from a land title company duly licensed to act as a title insurer in the State of New York.
A.
The amount of the performance bond will be based on the Planning Board Engineer's calculation for the cost of the proposed improvements. The Planning Board Engineer will prepare the performance bond estimate based on the total cost of the required capital improvements, including but not limited to roads, clearing and drainage, plus a reasonable estimate of anticipated increased construction costs during the life period of the bond.
B.
The Planning Board shall pass a resolution either approving or modifying the performance bond estimate as recommended by the Superintendent of Highways.
C.
The subdivider shall present his performance bond executed on the standard performance bond form to the Town Attorney for review as to form and sufficiency.
D.
The Town Attorney shall arrange to have the performance bond placed before the Town Board.
E.
The Town Board shall approve or disapprove the performance bond as presented by the Town Attorney. If the performance bond is approved, it shall be filed with the Town Clerk, and the Town Clerk shall notify the Planning Board, in writing, of the Town Board's action.
F.
The Chairman of the Planning Board shall not sign a final plat until notification by the Town Clerk of the Town Board's approval of the performance bond.
G.
After construction of the public improvements covered by the performance bond and prior to the release of the bond, the subdivider shall prepare a set of the approved drainage plans and street profiles amended to indicate as-constructed information. The subdivider then may apply to the Town Engineer and/or Superintendent of Highways for a final inspection of the work. When the work has been completed to the satisfaction of the Town Engineer and/or Superintendent of Highways, he shall recommend to the Town Board that the performance bond be released. No performance bond or portion thereof may be released until the entirety of the work covered by the bond has been completed.
[Amended 12-28-2006 by L.L. No. 20-2006]
A.
At the time of the release of the performance bond, a maintenance bond shall be furnished by the developer to guarantee upkeep and the workmanship and materials of all required improvements for a period of one year from the date of release of the performance bond by the Town. This bond shall be in an amount which is 1/3 of the performance bond estimate. If the improvements are not taken over by the Town, an annual maintenance bond shall be required, annually updated and running until the improvements are dedicated to the Town. The amount of this bond shall be fixed by the Superintendent of Highways and approved by the Town Board. If the improvements are not accepted for dedication by the Town, no maintenance bond shall be required.
B.
Where dedication of required improvements has not been accepted by the Town Board, maintenance inspection shall be made annually by the Town Engineer and/or Superintendent of Highways. In the event that such required improvements are not maintained according to the Department of Highway specifications, the Town Engineer and/or Superintendent of Highways shall recommend to the Planning Board that such maintenance bond be declared in default and the offer of dedication not be accepted by the Town Board.
A.
If the term of the performance bond will expire prior to the completion of the improvements, the Town Engineer and/or Superintendent of Highways shall recommend to the Planning Board either that the term of the bond be extended to permit completion of the work by the subdivider or that the bond be declared in default. The Planning Board shall advise the Town Board by resolution if its recommendation is for default of the bond. The Town Board shall act on the release of or declaration of default on the performance bond.
B.
The performance bond shall have a term of two years. The term of a performance bond may be extended by the Planning Board. When such an extension is granted, it may be required that the performance bond estimate be increased to take into consideration changes in construction costs in order to carry out the required capital improvements.