(A) The Planning Commission, Zoning Board of Appeals, and Township Board are empowered to require a performance bond, letter of credit or cashier’s check, or other suitable negotiable security, in an amount equal to the estimated cost of improvements associated with the project.
(B) A performance guarantee shall be deposited with the Township Clerk at the time of the issuance of the permit authorizing the activity or project to ensure faithful completion of the improvements indicated with the approved site plan; if the improvement(s) is not completed, or is partially completed, the performance bond or cashier’s check shall be forfeited in the amount necessary to complete the improvement.
(C) The township shall rebate a proportional share of cash deposits only when requested by the depositor, based on the percent of improvements completed, as attested to by the depositor and verified by the Zoning Administrator.
(D) In cases where the improvements indicated with the approved site plan have not been completed in accordance with the approval granted, the amount of the aforementioned performance guarantee may be used by the township to complete the required improvements. The balance, if any, shall be returned to the applicant.
(Ord. passed 7-30-2015)