Section 703.1 - Security Duration
The term of duration of the security shall begin with the date of endorsement of the final subdivision plan by the Planning Board or approval of the development plan by the Planning Board or Zoning Board of Review, as applicable.
Section 703.2 - Security Release
Release of Security shall be conditioned on the completion of required improvements to the land within two (2) years of the date of endorsement of the final subdivision plan or approval of the development plan by the Planning Board or Zoning Board of Review.
Section 703.3 - Inspection and Certification
Upon completion of all required improvements to the land, the applicant shall submit a request for certification to the Town Planner. The Town Planner shall forward the request to the appropriate town official(s), who shall conduct inspections and certify that all required improvements as shown on the Planning Board approved plans have been installed in accordance with required specifications and town regulations and within the specified time period. In the case of certification of installation of required landscaping, inspection shall be performed by the Tree Warden. The applicant must also submit certification of completion from the appropriate utility companies. Such certifications from utility companies shall be provided, in writing, to the Town Engineer and Town Planner. The applicable town official(s) shall review the request for certification, inspect the improvements claimed to have been made, and provide certification of completion, in writing, or inform the developer of any deficiencies in writing, within thirty (30) days of receiving the request. A copy of the certification(s) or notification of deficiencies shall be provided to the Planning Board. The applicant shall be responsible for the cost of all inspections and certifications.
Section 703.4 - Phased Developments
In the cases of developments and subdivisions which are being approved and constructed in phases, the Planning Board shall specify improvement guarantee requirements related to each particular phase.
Section 703.5 - Planning Board Recommendation to Town Council
The Planning Board shall review and confirm certifications of completion from town officials and utility companies. When it certifies that all required improvements have been made in a satisfactory manner the Planning Board shall release the remainder of the improvement guarantee and file a recommendation to the Town Council regarding the acceptance for maintenance of any street, open space or other public improvement. Prior to taking action to release the security the Planning Board shall notify the owners of all lots within the subject subdivision, where applicable, and all owners of property abutting the subject property of the pending action. Said notice shall be sent by first-class mail at least fourteen (14) days prior to the Planning Board meeting at which the release of security will be considered, and shall specify the date, time and location of said meeting. Furthermore, at least fourteen (14) days prior to the Planning Board meeting at which the release of security will be considered, the Planning Board shall notify the Middletown Roads & Utilities Advisory Committee of the pending action, and invite comments regarding the status and condition of the required improvements. The lack of comments from the Roads & Utilities Advisory Committee shall not be cause for delay in the action by the Planning Board to release the improvement guarantee.
Section 703.6 - Maintenance Bond
Prior to release of performance security and acceptance of the public improvements for maintenance by the town, the applicant must file with the Finance Director a maintenance bond equal to at least ten (10) percent of the total initial security amount excluding the amount allocated for landscaping, guaranteeing the proper functioning and durability of all improvements except landscaping for a period of one (1) year after the date of their acceptance by the Town Council. Provided however, that the Planning Board shall have the discretion, based on the recommendation of the Town Engineer and/or the Public Works Director, to increase the required amount of the maintenance bond to an amount deemed necessary to ensure proper functioning and durability of all improvements.
Section 703.7 - Landscape Maintenance Bond
After certification of completion, but prior to release of performance security related to landscaping, the developer shall file with the Finance Director a maintenance bond equal to at least the total cost of the initial installation of the landscaping as evidenced through invoices for the installation. The Tree Warden shall review invoices and provide a recommendation as to the adequacy of the proposed maintenance bond. The bond shall guarantee the proper maintenance and durability of all landscaping as well as any replacement, as needed, for a period of one (1) year from the date of the release of performance security by the Planning Board.
Section 703.8 - Release of Responsibility
Sixty days before the expiration of the maintenance bond, the applicant shall submit to the Town Planner a request for inspection of all required improvements. The Town Planner shall forward requests for inspection to the Town Engineer and/or Tree Warden in the case of a landscape maintenance bond. If such inspection reveals deficiencies, the Planning Board, on written request of the applicant, may grant an extension of not more than 90 days to correct the deficiencies identified during the inspection. Upon expiration of said maintenance bond and correction of any deficiencies in the required improvements, the Planning Board will release the maintenance bond, and will notify the Finance Director of said release. The applicant shall be responsible for the cost of all inspections and certifications.
Section 703.9 - Partial Release of Security
The Planning Board may, at its discretion, approve partial release of security to cover the cost of remaining improvements, at any time by notification to the Finance Director, who will so inform the surety company, or take the required action to release the appropriate amount of the security held. However, no amount of the security may be released prior to installation of the binder course of road pavement in the portion of the subdivision subject to the request partial release. A request from the developer for a partial release of security shall be accompanied by an estimate of the cost to complete the remaining improvements, as required by the approved plan. The estimate shall be reviewed and approved by the appropriate town official prior to the Planning Board taking action on the request. The amount of security retained by the Town must, at a minimum, equal 125% of the amount needed to complete all remaining improvements. All developer requests for partial release must equal at least 20% of the security then held by the Town. Prior to acceptance of the improvements by the Town, no more than 80% of the initial security shall be released.