Lakehurst City Zoning Code
§ 25-25.1
Requirements.
[Ord. No. 11/78; Ord. No. 5/24/82 § 1100; Ord. No. 2004-04]
Prior to approval of final subdivision plats or granting of final site plan approval or as a condition of such approvals, the approving authority shall, for the purpose of assuring the installation and maintenance of on-tract improvements, require the following:
a.
In the case of major subdivisions and residential site plans, the furnishing of a performance guarantee in favor of the municipality shall be required in an amount not to exceed 120% of the cost of installation for improvements as estimated by the Municipal Engineer as he may deem necessary or appropriate including: streets, grading, pavement, gutters, curbs, sidewalks, street lighting, shade trees, surveyor’s monuments, as shown on the final map and required by the “Map Filing Law”, P.L. 1960, C.141(N.J.S. 46:23-9.9 et seq.) water mains, culverts, storm sewers, sanitary sewers or other means of sewage disposal, drainage structures, erosion control and sedimentation control devices. Of such performance guarantee a minimum of 10% must be in the form of cash or certified check made payable to the municipality, and the remainder in the form of a corporation surety performance bond issued by an authorized New Jersey Corporation. The Municipal Attorney shall approve the performance guarantee as to form, sufficiency and execution. The Municipal Engineer shall approve the performance guarantee as to size and scope.
In the case of nonresidential site plans performance guarantees shall be required in an amount not to exceed 120% of the cost of the installation of improvements (as estimated by the Municipal Engineer) directly affecting the public including but not limited to curbing, pavement and roadway shoulder repair, storm drainage improvements, erosion control etc.
No certificate of occupancy shall be issued until all improvements shown on the approved site plan have been completed and approved by the Municipal Engineer, unless extenuating circumstances such as adverse weather conditions prevent the completion of items which pose no significant threat to the public. In such instances the Governing Body may upon the recommendation of the Municipal Engineer except a performance guarantee in an amount not to exceed 120% of the cost of the completion of such uncompleted items as determined by the Municipal Engineer and the certificate of occupancy issued.
b.
Provision for a maintenance guarantee is required to be posted with the Governing Body for a period not to exceed two years after final acceptance of the improvement, in an amount not to exceed 15% of the cost of the improvement. In the event that other governmental agencies or public utilities automatically will 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, as the case may be, shall be required by the municipality for such utilities or improvements.
c.
All improvements and utility installations shall be inspected during the time of their installations under the supervision of the Municipal Engineer to insure satisfactory completion. The cost of the inspection shall be the responsibility of the subdivider and shall be deposited with the Municipal Clerk as cash equal to 5% of the performance guarantee to be applied to the cost of inspection of public improvements by the Municipal Engineer.
d.
Guaranty.
1.
Any such guaranty may be in the form of cash, certified check, negotiable securities, a bond issued by a bonding company or surety company approved by the Borough Council or any other type of surety acceptable to and approved by the Borough Attorney and the Borough Council, provided that at least 10% of the performance guaranty shall be in the form of cash, certified check, certificate of deposit, an irrevocable letter of credit (said letter to be issued by a financial institution whose deposits are insured by the Federal Savings and Loan Insurance Corporation or Federal Deposit Insurance Corporation) or a bond issued by a surety or binding company authorized to do business in New Jersey; provided however, that all rights, including the right to interest with dividends, shall be assigned to the Borough in a form of assignment acceptable to the Borough Attorney for the period of the bond and that the principal amount of the passbook or certificate of deposit, together with interest, shall be returned to the developer upon completion of the bonded improvements, or, in the event of default, both interest and principal shall be used by and for the benefit of the borough in the completion of said improvements.
2.
The form of any required guaranty shall be subject to the approval of the Borough Attorney as to form, sufficiency and execution.
3.
Subject to N.J.S.A. 40:55D-1 et seq., as amended and supplemented, all rights in any guaranty, including the right to any interest earned on any deposits, shall belong to the Borough.
4.
Notwithstanding the requirement of paragraph d.1 above, when a letter of credit which has been previously accepted pursuant to paragraph d.1 as a performance guaranty, is about to expire, it may be renewed administratively by the Borough Attorney, provided that all pertinent requirements are met by the applicant.
5.
In the event of default, the principal and any interest shall be used for the benefit of the borough in the completion of the improvements.
6.
All guaranties shall run to and be in favor of the Borough of Lakehurst in the County of Ocean.
e.
If the required improvements have not been installed in accordance with the performance guaranty, the obligor and surety shall be liable thereon, at the option of the Borough, for: