As a condition of approval and issuance of the approval/permit, the town shall require the applicant to provide assurance in form of an irrevocable letter of credit or a bond when the stormwater management plan has been accepted, all applicable fees paid, and before construction begins. Said assurance will guarantee a good faith execution of the stormwater drainage plan, the stormwater pollution prevention plan, the stormwater quality management plan, and any approval/permit conditions. The assurance shall be for an amount equal to 125% of the total costs of all stormwater management measures for the entire project. The above mentioned costs shall be based on an estimate as prepared by a registered engineer or land surveyor. Said costs shall be for the installation and ongoing monitoring and maintenance of erosion control measures and the construction and ongoing monitoring and maintenance of storm drainage infrastructure, detention/retention facilities, and stormwater quality BMPs, as regulated under this chapter, until the construction is completed, site is stabilized, and as-built plans are accepted by the town. Assurances shall be for a minimum of $5,000. The town shall require additional maintenance assurances for three years for an amount equal to 20% of the total costs of all stormwater management measures for the entire project. The intent of this assurance is not only to complete the installation of storm drain infrastructure for the project, but also to assure that adequate stormwater pollution prevention measures are properly installed and maintained. If adequate assurances are set aside by the project site owner for the overall project, proof of total assurance can be submitted in place of an individual stormwater assurance.
(Ord. 2020-1E, passed 1-6-20)