(A) In general. As the work of installing the required improvements proceeds, the party posting the financial security may request the Borough Council to release or authorize the release, from time to time, such portions of the financial security necessary for payment to the contractor(s) performing the work.
(B) Notice of completion. When the developer has completed an improvement, the developer shall notify the Borough Council in writing by certified or registered mail of such completion and request for release and shall send a copy thereof to the Borough Engineer.
(C) Engineer’s report.
(1) Within 30 days of the receipt of such request, the Borough Engineer shall submit a written report certifying which improvements have been completed in accordance with the approved plan to the Borough Council and mail a copy of such report by certified or registered mail to the developer or his or her representative at his or her last known address.
(2) This report shall be based on the inspections made according to the approved inspection schedule included in the development agreement and shall recommend approval or rejection of the improvements, either in whole or in part.
(3) If the Borough Engineer finds any or all of the improvements to be not as required, he or she shall include a statement of the reasons for recommending their rejection in the report.
(D) Decision by Borough Council.
(1) At its first regularly scheduled meeting after receiving the Engineer’s report (but not later than 45 days of the receipt of the request), the Borough Council shall review the Borough Engineer’s report and shall authorize release of an amount as estimated by the Borough Engineer fairly representing the value of the improvements completed.
(2) The Borough Council shall be deemed to have approved the release of funds as requested if the Borough Council fails to act within 45 days of receipt of the developer’s request.
(3) Until final release (completion of all improvements), the Borough Council may require retention of 10% of the cost of each completed improvement.
(4) The Borough Council shall notify the developer in writing by certified or registered mail of the decision.
(E) Completion of unapproved improvements. The developer shall proceed to complete any improvements not approved by the Borough Council and, upon completion, request approval in conformance with the procedures specified in this section.
(F) Final release.
(1) When the developer has completed all of the necessary and appropriate improvements, the developer shall request final release in conformance with the procedures specified in this section. See time limitations and procedures in § 510 of the Municipalities Planning Code, 53 P.S. § 10510.
(2) Such final release shall include all moneys retained under division (D)(3) above.
(G) Appeal. Nothing herein, however, shall be construed to limit the developer’s right to contest or question by legal proceedings or otherwise any determination of the Borough Council or the Borough Engineer.
(H) As-built plans. The developer shall provide to the borough a set of plans showing improvements as actually built within 90 days after each phase of improvements are completed.
(Ord. passed 2-3-1992)