(a) If a Comprehensive Stormwater Management Plan is required by this regulation, soil-disturbing activities shall not be permitted until a cash bond of five percent (5%) of the total project cost of the SCMs, has been deposited with the City of Lyndhurst Finance Department. This bond shall be posted for the City of Lyndhurst to perform the obligations otherwise to be performed by the owner of the development area as stated in this regulation and to allow all work to be performed as needed if the owner fails to comply with the provisions of this regulation. The stormwater bond will be returned, less City of Lyndhurst administrative and review fees as detailed in Chapter 1337 of the City of Lyndhurst Codified Ordinances, when the following three criteria are met:
(1) After eighty percent (80%) of the lots of the project have been complete or one hundred percent (100%) of the total project has been permanently stabilized or three (3) years from the time of permanent stabilization have passed.
(2) An As-Built Inspection of all completed by the owner and approved by the City Engineer.
(3) An Inspection and Maintenance Plan has been approved by the City of Lyndhurst and an Inspection and Maintenance Agreement signed by the developer, the contractor, the City of Lyndhurst, and the private owner or homeowners' association who will take long term responsibility for these SCMs, is accepted by the City Engineer.
(b) Once these criteria are met, the owner shall be reimbursed all bond monies that were not used for any part of the project. If all these criteria are not met after three years of permanent stabilization of the site, the City of Lyndhurst may use the bond monies to fix any outstanding issues with all storm water management structures on the site and the remainder of the bond shall be given to the private lot owner/homeowners association for the purpose of long-term maintenance of the project.
(Ord. 2022-96. Passed 12-5-22.)