§ 903. Improvement Guarantees

A. Amount. Improvement guarantees shall be in an amount and with all necessary conditions to secure for the Town the actual construction and complete installation of all of the required improvements, and the satisfactory completion of all conditions of final approval within the time periods required for completion. The amount shall be based upon actual cost estimates which would be required for the Town to complete all improvements required as a condition of final approval. These estimates shall be initially prepared by the Director of Public Works and submitted to the Administrative Officer, who shall review the estimates, if requested, with the developer. If the developer disagrees with the estimated amount, the developer shall have the opportunity to submit a revised estimate along with supporting justification for the revisions. The Technical Review Committee, if constituted, shall review the Town's amount of the improvement guarantee and the developer's revision, and make a recommendation to the Planning Board. The Planning Board shall review and approve the final amount. The Board may set the guarantee in a reasonable amount in excess of the estimated costs in order to anticipate increases in economic or construction conditions. However, the amount of such increase shall not exceed one hundred twenty percent (120%) of the estimated cost of improvements as recommended by the Town.

B. Status of Improvements. If, at the expiration of the final plan approval period, all required improvements are not complete, the Planning Board shall review the status of improvements and may:

1. Require the developer to extend the duration of the entire improvement guarantee;

2. Reduce the amount of the improvement guarantee to cover the estimated costs of remaining improvements; or

3. Authorize the Administrative Officer to take the steps necessary to ensure completion of the remaining work by using improvement guarantee funds.

C. Use of Funds. If at any time during the guarantee period the procedures, implementation measures, methods, materials and/or schedules of construction are determined by the Planning Board not to be in compliance with the approved plans, the Board may, after proper notification to the developer, authorize the use of improvement guarantee funds to insure proper compliance.

D. Releases. At the expiration of the final plan approval period, if all required improvements are complete, any improvement guarantee shall be returned to the developer. Partial releases or reductions in the guarantee amount may also be authorized at any time prior to the expiration of final approval. A written request for release or reduction of any improvement guarantees shall be made to the Administrative Officer, who shall refer such request to the Planning Board. After inspection of all required improvements, the Administrative Officer shall recommend that the Planning Board:

1. Authorize the Town to return all improvement guarantees to the developer;

2. Reduce the amount of the guarantee being held by the Town to cover the estimated cost of remaining improvements; or

3. Take no action until all required improvements are completed according to the approved plans.

E. Phased Developments or Subdivisions. In the case of land development projects or subdivisions which are approved and constructed in phases, the Planning Board shall specify improvement guarantees related to each particular phase. If any off-site improvements or other improvements or conditions which are not directly related to a particular phase are required as a condition of approval, the Board shall, in setting the guarantee amount for each phase, clearly specify when such guarantees are to be provided.