A.
Prior to the granting of or as a condition to final
approval of a subdivision or site plan, the applicant shall have installed
or shall have furnished performance guaranties for the ultimate installation
of the improvements that were required as a condition of preliminary
approval and are shown on the final plat.
B.
Improvements for which performance guaranties may
be required include streets, grading, pavement, gutters, curbs, sidewalks,
streetlighting, shade trees, surveyor's monuments, water mains, culverts,
storm sewers, sanitary sewers or other means of sewage disposal, drainage
structures, erosion control and sedimentation control devices, public
improvements of open space and, in the case of site plans only, landscaping
and other on-site improvements.
C.
The applicant shall file with the Borough Administrator
a performance guaranty in favor of the Borough of Caldwell insuring
the installation of such uncompleted improvements on or before an
agreed upon date. The cost of installation of the required improvements
shall be estimated by the Borough Engineer, and the amount of the
performance guaranty shall be of an amount equal to 120% of this estimated
cost. No more than 10% of the performance guaranty shall be required
to be in the form of cash.
D.
The form and sufficiency of bond shall be subject
to approval of the Borough Attorney. Performance bonds shall be expressly
conditioned upon the developer's full compliance with all Borough
ordinances and regulations governing the installation of improvements
and utilities and regular faithful performance of the terms of agreement
with the Borough.
E.
The amount of any performance guaranty may be reduced
by the Borough Council, by resolution, when portions of the improvements
have been certified by the Borough Engineer to have been completed.
The time allowed for installation of the improvements for which the
performance guaranty has been provided may be extended by said body
by resolution.
F.
If the required improvements are not completed or
corrected in accordance with the performance guaranty, the obligor
and surety, if any, shall be liable thereon to the Borough for the
reasonable cost of the improvements not completed or corrected, and
the Borough may either, prior to or after the receipt of the proceeds
thereof, complete such improvements.
G.
When all of the required improvements have been completed,
the obligor shall notify the Borough Council, in writing, by certified
mail addressed in care of the Borough Administrator, of the completion
of said improvements and shall send a copy thereof to the Borough
Engineer. Thereupon, the Borough Engineer shall inspect all of the
improvements and shall file a detailed report, in writing, with the
Borough Council, indicating either approval, partial approval or rejection
of the improvements, with a statement of reasons for any rejection.
If partial approval is indicated, the cost of the improvements rejected
shall be set forth.
H.
The Borough Council shall either approve, partially
approve or reject the improvements, on the basis of the report of
the Borough Engineer, and shall notify the obligor, in writing, by
certified mail, of the contents of said report and the action of said
approving authority with relation thereto, not later than 45 days
after receipt of the notice from the obligor of the completion of
the improvements. Where partial approval is granted, the obligor shall
be released from all liability pursuant to its performance guaranty,
except for that portion adequately sufficient to secure provision
of the improvements not yet approved, provided that 30% of the amount
of the performance guaranty may be retained to assure completion of
all improvements. Failure of the Borough Council to send or provide
such notification to the obligor within 45 days shall be deemed to
constitute approval of the improvements, and the obligor and surety,
if any, shall be released from all liability, pursuant to such performance
guaranty for such improvements.
[Amended 7-13-1999 by Ord. No. 1073-99]
I.
If any portion of the required improvements is rejected,
the approving authority may require the obligor to complete such improvements
and, upon completion, the same procedure of notification as set forth
in this section shall be followed.
J.
Nothing herein, however, shall be construed to limit
the right of the obligor to contest by legal proceedings any determination
of the Borough Council or the Borough Engineer.
A.
Upon completion and approval of the required improvements
or portions of improvements, the developer shall be required to post
a maintenance guaranty with the Borough Council for a period not to
exceed two years after final acceptance of the improvement, in an
amount not to exceed 15% of the cost of the improvement.
B.
The guaranty shall be in a form and sufficiency approved
by the Borough Attorney. The maintenance bond shall be posted upon
final release of the performance bond by the Borough and shall be
expressly conditioned upon the maintenance by the developer of all
such improvements for a period of two years and particularly shall
guarantee the remedy of any defects in such improvements which occur
during that period.
C.
In the event that other governmental agencies or public
utilities automatically will own the utilities to be installed or
the improvements are covered by a performance or maintenance guaranty
to another governmental agency, no performance or maintenance guaranty,
as the case may be, shall be required by the Borough for such utilities
or improvements.
