(A) Completion required. The construction of all public improvements shall be completed by the applicant and approved by the Board prior to final plat approval.
(B) Alternate performance guarantee agreement.
(1) In the alternative, as to those requirements that are over and beyond the requirements of any other approving agency or any agency responsible for the administration, operation and maintenance of the applicable public improvements, the Board may, at its discretion, require the applicant to guarantee completion of such required improvements as provided in this section.
(2) In such instances, the township and the applicant shall enter into a written agreement, specifying in detail the nature of the required improvements, the time in which these improvements are to be completed, provisions for verifying and inspecting the construction of such improvements to determine their conformity to the approved plans and specifications, and the nature of the financial guarantee of performance to be provided for each improvement.
(C) Acceptable types of performance guarantees. Where the Board agrees to accept performance guarantees for the completion of public improvements subsequent to final plat approval, the Board may require 1 or more of the following types of guarantees:
(1) Performance or surety bond.
(2) Cash deposit, certified check, negotiable bond, or irrevocable bank letter of credit.
(D) Remuneration from performance guarantee instrument. The performance guarantee agreement may provide for progressive remuneration from the applicable financial instruments, upon certification by the Township Engineer that the specific required public improvement has been satisfactorily completed/installed.
(E) Penalty for failure to complete improvements.
(1) If the applicant fails to complete a required public improvement within a period of time specified in the performance guarantee agreement, the Board may, at its option, proceed to have the public improvement completed.
(2) In such event, the township shall be reimbursed for all costs associated with the completion of an improvement, from the performance guarantee instrument provided for that improvement.
(3) The applicant shall be liable to the township for any amount of such costs exceeding the funds available from the pertinent instrument.
(Ord. 175, passed 11-10-2008)