Performance guarantees shall be posted prior to the granting of final developmental approval.

Performance guarantees shall be submitted in favor of Corbin City in an amount not to exceed 120% of the cost of installation for improvements it may deem necessary or appropriate including: streets, grading, pavement, gutters, curbs, sidewalks, street lighting, shade trees, surveyor's monuments, water mains, culverts, storm sewers, sanitary sewers or other means of sewage disposal, drainage structures, erosion control and sedimentation control devices, public improvements of open space and, in the case of site plans, other on-site improvements and landscaping. Ten percent of the total performance guarantee shall be in cash deposited with the City Clerk and the remaining 110% in a form acceptable to the City Attorney. They may be usable at any point by the City for the non-performance of the applicant. Such guarantees shall run for a period of 24 months, subject to extension by the City Council.

If the required improvements are not completed or corrected in accordance with the performance guaranteed within the time limit or extension the obligor and surety shall be liable thereon to the City for all reasonable costs of improvements not installed and upon receipt of the proceeds thereof, the City shall install such improvements.

Prior to acceptance of a Performance Guarantee by the City Council, the Council shall receive:

Following acceptance of a performance guarantee by the City Council, a letter so stating shall be sent to the Planning Board prior to signing of final plats for the development.

Prior to release of a performance guarantee in full or part in accordance with N.J.S.A. 40:55D-53 the City Council shall receive:

All improvements required by the Planning Board shall, prior to the release of performance guarantees, be covered by a maintenance guarantee running in favor of the City in the amount of 15% of the estimated cost of improvements, as approved by the City Engineer. Said bond shall run for a period of two years following acceptance by the City and shall provide for proper repair and/or replacement during this period. In the event that all improvements have been completed prior to granting of final approval by the Planning Board, the maintenance bond shall be posted before final plat approval. Maintenance bonds will be approved as to form by the City Attorney.

In the event that other governmental agencies or public utilities will automatically own the utilities to be installed or the improvements are covered by a performance or maintenance guarantee to another governmental agency, no performance or maintenance guarantee shall be required by the municipality for such utilities or improvements.

City Council shall not accept any roadway or other improvement until the maintenance guarantee has been posted and all deficiencies corrected or repaired. The City may, however, agree to perform limited services, if requested in writing by the subdivision developer and if held harmless for any damages resulting from such action.

A deed for any roadway or improvement shall be submitted to the City Council prior to being recorded, after the twenty-four-month period and upon certification from the City Engineer that no further maintenance is required. The deed will be approved by the City Attorney and recorded at the expense of the subdivider.

Any subdivision requires off-tract improvements, as defined below shall comply with the provisions of this Section.

Definition. An off-tract improvement shall be one or more required improvements necessary for successful completion of a development in the interest of furthering public health, safety and general welfare and located outside the bounds of the owner's or subdivider's property. Off-tract improvement shall be required where:

The proportionate contribution of any such off-tract improvement to the owner or subdivider shall be reasonably related to the relative benefit or use of the total area served in line with the following formulas:

Planning Board determination of required off-tract improvements shall be guided by the zoning articles, land use element and such professional advice as it may deem necessary for the specific project. Once it has determined that one or more off-tract improvements are necessary, the Board shall notify the City Council via resolution of its findings and shall provide an estimate of cost, a suggested pro-rata share for the development in question and suggested means of payment. The Board shall not take final action on a preliminary subdivision until all aspects of such agreements have been mutually agreed to by developer/subdivider and the City Council and the Board has been advised in writing by the Council.

Implementation. Where a performance or maintenance guarantee is required in connection with off-tract improvement the procedures outlined in §§ 20.1 and 20.3 of this article shall be followed. Cash contributions were required by agreement shall be deposited with the City Clerk who shall place them in an escrow account for the purposes outlined. If improvements are not completed within 10 years, the funds shall be returned to the subdivider/developer under terms outlined by the City Attorney. Cash contributions shall not be required where county or state agencies have jurisdiction over subject improvement and where those units require a guarantee that would represent a duplication.

Prior to release of a performance guarantee for off tract improvements in full or part, in accordance with N.J.S.A. 40:55D-53, the City Council shall receive: