In order that the Municipality has the assurance that the construction and installation of such improvements such as street surfacing, curbs, gutters, storm sewers and appurtenances, sanitary sewer, waterlines, sidewalks, street lighting, street signs and other required improvements will be constructed, the subdivider shall provide performance surety.
(a) Performance Surety - The subdivider shall furnish either a bond, executed by a surety company, cash deposit (certified or cashier’s check) or Irrevocable Letter of Credit (form must be approved by the Municipal Finance Director and/or Law Director) equal to the cost of construction of such improvements as shown on the plans, and based on a detailed, itemized estimate approved by the Municipal Manager. The estimate shall reflect consideration of prevailing wage requirements.
The performance bond, cash deposit (certified or cashier’s check) or Irrevocable Letter of Credit to the Municipality of Brookville shall run for a period of 2 years, be extendable at the discretion of the Municipal Finance Director and shall provide that the subdivider, their heirs, successors and assigns, their agent or servants, will comply with all applicable terms, conditions, provisions and requirements of these Regulations, and will faithfully perform and complete the work of constructing and installing such facilities or improvements in accordance with such laws and Regulations. Before said bond is accepted it shall be approved by the Municipal Finance Director and/or Law Director. Whenever a cash deposit (certified cashier’s check) is made, the same shall be made payable to the Municipality of Brookville.
(b) Extension of Time - If the construction or installation of any improvement or facility, for which guarantee has been made by the developer in the form of bond or cash deposit, is not completed within 2 years from the date of final approval of the record plat, the developer may request the Municipal Manager to grant an extension, provided reasonable cause can be shown for inability to complete said improvements within the required 2 years.
(c) Acceptance of Dedication Offers - Acceptance of formal offers of dedication of streets, public areas, easements, and parks shall be by the Municipal Council. The approval by the Planning Commission of a subdivision plat shall not be deemed to constitute or imply the acceptance by the local government of any street, easement, or park shown on said plat.