(a) In lieu of the completion of any improvements required as a condition for the final approval of a subdivision or land development plan, the applicant shall provide for the deposit of financial security in an amount sufficient to cover the costs of such improvements or common amenities, including, but not limited to, roads, stormwater detention and/or retention basins and other related drainage facilities, recreational facilities, open space improvements, or buffer or screen plantings which may be required.
(b) In order to facilitate financing, the Board of Commissioners shall furnish the developer with a signed copy of a resolution indicating approval of the final plan contingent upon the developer obtaining a satisfactory financial security.
(c) If financial security has been provided in lieu of the completion of improvements as a condition for the final approval of a plan, the township shall not condition the issuance of building, grading or other permits relating to the erection or placement of improvements.
(d) 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 township 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 of the expiration of the ninetieth day after either the original date 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 110%. The amount shall be determined in accordance with § 509 of the Pennsylvania Municipalities Planning Code, being 53 P.S. §§ 10101 et seq.
(Ord. 668, passed 10-17-1990)