Upon substantial completion of all required improvements, including streets and appurtenant utility improvements and the connection of same to the public system, the developer may request of the Governing Body in writing, by certified mail addressed in care of the Municipal Clerk, that the Municipal Engineer prepare, in accordance with the itemized cost estimates prepared by the Municipal Engineer and appended to the performance bond, a list of all uncompleted or unsatisfactory completed improvements. If such a request is made, the developer shall send a copy of the request to the Municipal Engineer. The request shall indicate which improvements have been completed and which improvements remained uncompleted in the judgment of the developer. Thereupon the Municipal Engineer shall inspect all improvements covered by the developer's request and shall file a detailed list and report in writing with the Governing Body and shall simultaneously send a copy thereof to the developer not later than forty-five (45) days upon receipt of the developer's request.
The prepared list by Municipal Engineer shall state, in detail, with respect to each improvement determined to be incomplete or unsatisfactory, the nature and the extent of the incompleteness of each incomplete improvement or the nature and extent of, and remedy for, the unsatisfactory state of each completed improvement determined to be unsatisfactory. The report prepared by the Municipal Engineer shall identify each improvement determined to be complete and satisfactory together with a recommendation as to the amount of reduction to be made in the performance guarantee relating to the completed and satisfactory improvement, in accordance with the itemized cost estimate prepared by the Municipal Engineer and appended to the performance guarantee.
The Governing Body by resolution shall either approve the improvements determined to be complete and satisfactory by the Municipal Engineer, or reject any or all of these improvements upon establishment in the resolution of cause for rejection, and shall approve and authorize the amount of reduction to be made in the performance guarantee relating to said improvements except in accordance with the itemized cost estimate prepared by the Municipal Engineer and appended to the performance guarantee. The resolution shall be adopted not later than forty-five (45) days after the receipt of the list and report prepared by the Municipal Engineer. Upon adoption of a resolution by the Governing Body, the developer shall be released from all liability pursuant to its performance guarantee with respect to those approved improvements, except for that portion adequately sufficient to secure completion of correction of the improvements not yet approved; provided that thirty (30%) percent of the amount of performance guarantee be posted may be retained to insure completion and acceptability of all improvements.
In the event that the developer has made a cash deposit with the municipality as part of the performance guarantee, then any partial reduction granted in the performance guarantee pursuant to this section shall be applied to the cash deposit in the same proportion as the original cash deposit bears to the full amount of the performance guarantee.