1. Before the Township Council approves any Final Plan and as prerequisite for approval, the developer shall execute a written agreement prepared by the Township attorney to construct, install, and/or dedicate, as appropriate, all improvements required by this Chapter and deliver to the Township Council for its approval, a performance guarantee in the amount of 110% of the cost of all improvements required by this Chapter, as estimated as of 90 days following the date scheduled for completion by the developer, in a form and with such security as is recommended by the Township attorney, guaranteeing the construction and installation of all such improvements within a stated period which shall not be longer that 1 year from the date of Final Subdivision Approval. Upon written application in a form approved by the Township attorney, signed by the developer and all parties whose agreement is necessary to continue the security for the performance guarantee in effect during the extended term, the Township Council may, at its discretion, extend said period by not more than 3 additional years, or when the improvements have been partially completed, reduce proportionately the amount of the performance guarantee, by formal resolution. Annually, the Township may adjust the amount of financial security by comparing the actual cost of the improvements required by this Chapter which had been completed and the estimated cost for 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 the said 110%. In the event of default under a performance guarantee, the proceeds of the performance guarantee received by the Township shall be used to construct and install the improvements. [Ord. 270]
2. Before the Township Council approves any Final Plan and as a prerequisite for approval, the developer shall deliver to the Township Council, for its approval, a maintenance guarantee in an amount of not less than 15% of the actual cost of all improvements required by this Chapter, guaranteeing that the developer shall maintain all such improvements in good condition for a period of 18 months after completion of construction and installation of all such improvements and approval of all such improvements by the Township Council. [Ord. 270]
3. The amount of financial security shall be based upon an estimate of the cost of completion of the required improvements, submitted by an applicant or developer and prepared by a professional engineer licensed as such in this Commonwealth and certified by such engineer to be a fair and reasonable estimate of such cost. The Township, upon the execution recommendation of the Township engineer, may refuse to accept such estimate for good cause shown. If the applicant or developer and the Township are unable to agree upon an estimate, then the estimate shall be recalculated and recertified by another professional engineer licensed as such in this Commonwealth and chosen mutually by the Township and the applicant or developer. The estimate certified by the third engineer shall be presumed fair and reasonable, and shall be the final estimate. In the event that a third engineer is so chosen, fees for the services of said engineer shall be paid equally by the Township and the applicant or developer. (Ord. 270]
(Ord. 52, Art. S-520, 3/8/78; as amended by Ord. 270, 10/16/1991, §§ 5,6,7)