§ 101-11. Performance guaranty.

A. 

As a condition to the approval of any site plan, the Planning Board may require the applicant to post with the Town a performance bond, a letter of credit, or cash (collectively "security"). The posted security shall permit the Planning Board to sign and stamp a site plan without conditioning such signing and stamping on the completion of required improvements on the site plan property. The Planning Board's consultants, with cooperation from the applicant, shall determine and recommend to the Town Board the amount of the security to be posted with the Town. The Town shall determine the sufficiency of the type and quality of the security and shall supervise the construction of the improvements guaranteed by the posted security.

B. 

Improvements guaranteed by the security shall be completed within a time period determined by the Planning Board but in any event no later than one year after the issuance of site plan approval.

C. 

In conjunction with the posting of security, the applicant shall enter into a security agreement with the Town. The security agreement shall address the following matters:

(1) 

The partial release of security upon proof by the applicant of a corresponding partial completion of improvements.

(2) 

In the event of security that requires the applicant to renew the security prior to the expiration of the time in which the improvements are completed, the mechanism by which an applicant will renew the security and proof to the Town of such renewal.

(3) 

If the applicant fails to timely complete the improvements covered by the security, the applicant consenting to the Town entering onto the applicant's property to complete the improvements.

D. 

In the event that any improvements have not been installed as required within the term of such security, the Town may declare the applicant to be in default on completion of required improvements. The Town may, at its discretion, contract with private contractors for the completion of the improvements, contractors to be paid at prevailing wage rates and subject to competitive bidding requirements, if any.

E. 

The Town shall release the security upon its determination that the required improvements have been satisfactorily completed.