[Amended 1-9-2017 by Ord. No. 17-055]
The Planning Board shall not approve any major subdivision unless and until the subdivider provides a guaranty for the construction of all necessary public improvements, including sewer service, stormwater systems, water service, electrical service, streetlighting, and streets, sidewalks and aprons. Cost estimates for such public improvements must be approved by the City Engineer.
A.
Guaranties authorized.
(1)
The subdivider shall provide guaranties in one of the following methods approved by the Planning Board and acceptable as to form by the City Attorney:
(a)
Completion of construction of all improvements prior to final plan approval.
(b)
Posting of a surety bond in an amount sufficient to cover costs of the proposed improvements.
(c)
Placing of cash in escrow in an amount sufficient to cover costs of the proposed improvements.
(d)
Submittal of a letter of credit from an established banking institution guaranteeing sufficient funds to cover costs of the proposed improvements and recognizing the City's interest in such improvements.
(e)
Such other guaranty as the Planning Board shall find acceptable and shall be approved by the City Attorney and City Manager.
(2)
Such guaranties shall be provided by the applicant within 120 calendar days of the date of approval by the Planning Board or the conditional approval shall lapse and the application shall be considered void. No subdivision plan shall be recorded in the Registry of Deeds unless and until the requirements of this subsection are met.
B.
Streets and utilities. Proposed streets and utilities will only be accepted by the City through City Council action pursuant to the provisions of Chapter 271, Streets, Article III, Establishment and Assessments.
C.
Release. An improvement guaranty shall not be released until the City Engineer has accepted all covered public improvements and has received and accepted a digital as-built plan that meets the requirements of § 165-10F and G and, if a major subdivision, § 165-128E(4) and, if a minor or developmental subdivision, § 165-126D.