After site plan approval or preliminary plat approval by the Township Board, and after approval of the plan for the site improvement, but before the issuance of building permits for buildings within the development, the developer shall provide the Township and/or other public agencies, as requested, with a guarantee for the satisfactory completion of all required public improvements to serve his or her development. Such guarantee shall be in the form of cash, a certified check or an irrevocable bank letter of credit, whichever the developer selects, or in the form of a surety bond, acceptable to the Township or the public agency, based on the estimated construction cost of said improvements as approved by the Township Engineer or the other concerned public agency. The Township shall release funds from such deposit as made with the Township as the site improvements are completed and approved by the Township, approximately in proportion to the amount of improvements satisfactorily completed.
(Ord. 281. Passed 10-2-89.)