[Amended 6-22-2005 by L.L. No. 4-2005]
The procedures for approving subdivision of
land and site development plans within the Village of Montebello are
contained within the Village Zoning Chapter, as amended from time
to time, the respective regulations, each as revised from time to
time, §§ 7-728 and 7-730 of the Village Law of the
State of New York, as amended, § 10 of the Municipal Home
Rule Law of the State of New York, regarding a judgment about foreseeable
default and regarding securing the site in the event of incomplete
construction, and other statutes. As a consequence of the foregoing
revisions and amendments, a local law governing the subject hereof
became necessary, and the substance hereof was discussed at a public
meeting of the Planning Board.
Pursuant to a written security agreement in
a form as approved by the Village Board and Village Attorney, security,
which shall be delivered to the Village, or shall be held in a Village
account at a bank or trust company, shall be limited to the following:
A. The deposit of funds in or a certificate of deposit
issued by a bank or trust company located and authorized to do business
in this state;
B. Letter of credit.
(1) An
irrevocable letter of credit from a bank located and authorized to
do business in this state.
(2) Any
form of letter of credit accepted by the Village Attorney as security
pursuant to this chapter shall include the following provisions in
addition to such other provisions as the Village Attorney shall deem
appropriate in the circumstances:
[Added 3-20-2013 by L.L. No. 1-2013]
(a) The name of the applicant as identified in the letter of credit shall
be the same as, or include, the name of the property owner/applicant
as shown in Village records;
(b) The letter of credit shall adequately identify the work covered by
the security, with reference to external documents such as the cost
improvement estimate, approved plans, and/or other appropriate materials;
(c) The letter of credit shall be automatically renewed, year after year,
without action being taken by any person;
(d) The letter of credit shall provide that, in the event of revocation
by the issuing bank, such revocation must be on at least 45 days’
written notice to the Village (as measured from the date of receipt
of such notice), which notice shall be delivered to both the Village
Clerk at Village Hall and to the Village Attorney at his or her private
office. Such notice shall be delivered by a method that provides proof
of receipt by the Village Clerk and the Village Attorney.
(3) Upon receipt of a notice of revocation as set forth in Subsection
B(2)(d) above, the Village Attorney shall immediately cause the Village Clerk to draw the entire outstanding amount then-covered by the letter of credit which is to be revoked. If, pursuant to the terms of such notice of revocation, a lapse of time will ensue between the giving of such notice and the time when a draw may be made, then such draw shall be made at the earliest opportunity pursuant to such notice. Neither the Village Attorney nor the Village Clerk shall require additional or case-by-case approval from the Board of Trustees or any other officer of the Village to so draw against such a letter of credit in such circumstances.
[Added 3-20-2013 by L.L. No. 1-2013]
[Amended 3-20-2013 by L.L. No. 1-2013]
Any such security agreement shall run for a
term to be fixed by the Planning Board, but in no case for a longer
term than three years; provided, however, that the term of such security
agreement may be extended by the Planning Board with consent of the
parties thereto. If the Planning Board shall decide at any time during
the term of the security agreement that the extent of building development
that has taken place in the subdivision is not sufficient to warrant
all the improvements covered by such security, or that the required
improvements have been installed as provided in this section and by
the Planning Board in sufficient amount to warrant reduction in the
amount of said security, and upon approval by the Village Board of
Trustees, the Planning Board may modify its requirements for any or
all such improvements, and the amount of such security shall thereupon
be reduced by an appropriate amount so that the new amount will cover
the cost in full of the amended list of improvements required by the
Planning Board. If, upon a report to the Planning Board by the Village
Engineer that the required improvements have not been completed, nor
are likely to be completed within the then-current term of the security,
then the Planning Board may extend the term of the security for an
additional period of not more than three years. Alternatively, if
the Planning Board finds that the required improvements are not likely
to be completed within the initial three-year term, the Planning Board
may require that such security not have a term of years but be continually
renewed until such time as the Village Engineer has certified to the
Planning Board that all required improvements have been completed,
at which time the security obligation shall become void.
In the event that any required improvements
have not been installed as provided in this section within the term
of such security agreement, or, foreseeably, will not be in the judgment
of the Village Board made upon prior notice to the owner who may be
heard on the subject, the Village Board of Trustees may thereupon
declare the said security agreement to be in default and collect the
sum remaining payable thereunder; and, upon the receipt of the proceeds
thereof, the Village shall install such improvements as are covered
by such security and as commensurate with the extent of building development
that has taken place in the subdivision but not exceeding in cost
the amount of such proceeds.