In all cases, the subdivider or land developer shall be responsible
for the installation of all improvements required by this chapter.
The Township Engineer or the Township's designee shall make such inspections
of the required improvements and at such intervals as may be reasonably
necessary to ensure compliance with this chapter. The reasonable costs
of such inspection shall be borne by the subdivider or land developer.
Before approving any subdivision or land development plan for
recording, the Board of Supervisors shall require either:
A. That the improvements required by this chapter or appearing on the
plan shall have been installed in strict accordance with the standards
and specifications of this chapter; or
B. That the Township be assured by means of a proper development agreement
and performance guaranty that the improvements required by this chapter
or appearing on the plan will subsequently be installed.
The performance guaranty for completion of required improvements
shall meet the following requirements:
A. Security. The guaranty shall be secured by the credit of any of the
following:
(1) The unconditional irrevocable letter of credit of an approved federal
or commonwealth chartered lending institution;
(2) A restrictive or escrow account in such a lending institution; or
(3) Other financial security acceptable to the Board of Supervisors.
B. Amount.
(1) The amount of financial security to be posted for the completion
of the required improvements shall be equal to 110% of the cost of
completion estimated as of 90 days following the date scheduled for
completion by the developer. Annually, the municipality may adjust
the amount of the financial security by comparing the actual cost
of the improvements which have been completed, and the estimated cost
for the completion of the remaining improvements as scheduled for
completion or a rescheduled date of completion. Subsequent to said
adjustment, the Township may require the developer to post additional
security in order to assure that the financial security equals said
110%. Any additional security shall be posted by the developer in
accordance with this subsection.
(2) The amount of financial security required shall be based on an estimate
of the cost of completion of the required improvements submitted by
an applicant or developer and prepared by a professional engineer
licensed as such in this commonwealth and certified by such engineer
to be a fair and reasonable estimate of such costs. The municipality,
upon the recommendation of the Township Engineer, may refuse to accept
such estimate for good cause shown.
(3) In the case where development is projected over a period of years,
the Board of Supervisors may authorize submission of final plats by
section or stages of development subject to such requirements or guaranties
as to improvements in future sections or stages of development as
it finds essential for the protection of any finally approved section
of the development.
C. Installation of improvements. It shall provide for and secure to
the public the completion of the required improvements within two
years of the date fixed on the final plan for completion of such improvements.
D. Parties who may enforce. The obligation shall be in favor of, and
enforceable by, the Board of Supervisors and the ultimate grantees,
lessees or licensees of the developer.