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Toms River City Zoning Code

§ 348-7.10

Other guarantees.

[Added 9-11-2018 by Ord. No. 4600-18]
A. 
Temporary certificate of occupancy guarantees. As a condition to the issuance of a temporary certificate of occupancy ("TCO") for a development unit, lot, building, or phase of development, the developer must furnish a separate guarantee in favor of the Township, referred to herein as a TCO guarantee, in an amount equal to 120% of the cost of installation of only those improvements or items which remain to be completed under the terms of the TCO and which are required to be installed or completed as a condition precedent to the issuance of a permanent certificate of occupancy, and which are not covered by an existing performance guarantee.
(1) 
Upon posting of a TCO guarantee, all sums remaining under a performance guarantee required pursuant to Subsection A, which relate to the development unit, lot, building, or phase of development for which the TCO is sought, shall be released.
(2) 
The scope and amount of the TCO guarantee shall be determined by the Township Engineer.
(3) 
The TCO bond guarantee shall be released upon the issuance of a permanent certificate of occupancy with regard to the development unit, lot, building, or phase as to which the TCO relates.
B. 
Safety and stabilization guarantees. In addition to a performance guarantee required pursuant to § 348-7.1A, a developer shall furnish to the Township a separate guarantee, referred to as a safety and stabilization guarantee.
(1) 
The safety and stabilization guarantee shall be available to the Township solely for the purpose of returning property that has been disturbed to a safe and stable condition or otherwise implementing measures to protect the public from access to an unsafe or unstable condition, only in the circumstance that:
(a) 
Site disturbance has commenced and, thereafter, all work on the development has ceased for a period of at least 60 consecutive days following such commencement for reasons other than force majeure; and
(b) 
Work has not recommenced within 30 days following the provision of written notice by the Township to the developer of the Township's intent to claim payment under the safety and stabilization guarantee.
(2) 
The Township shall not provide notice of its intent to claim payment under a safety and stabilization guarantee until a period of at least 60 days has elapsed during which all work on the development has ceased for reasons other than force majeure. Written notice shall be provided by certified mail or some other form of delivery providing evidence of receipt.
(3) 
The developer may choose to furnish the safety and stabilization guarantee either as a separate guarantee or as a line item of the performance guarantee.
(4) 
The amount of the safety and stabilization guarantee shall be established by the Township Engineer as follows:
(a) 
Developments with bonded improvements not exceeding $100,000: $5,000.
(b) 
Developments with bonded improvements exceeding $100,000: a percentage of the bonded improvement costs of the development or phase of development calculated based on the following formula:
[1] 
$5,000, for the first $100,000 of bonded improvement costs; plus
[2] 
2.5% of bonded improvement costs over $100,000 up to $1,000,000; plus
[3] 
1% of bonded improvement costs exceeding $1,000,000.
(5) 
The Township shall release a safety and stabilization guarantee upon the developer furnishing a performance guarantee that includes a line item for safety and stabilization in the amount required hereunder.
(6) 
The Township shall release a safety and stabilization guarantee upon the Township Engineer's determination that the development of the project site has progressed to the point that the improvements installed are adequate to avoid any potential threat to public safety.