The furnishing of a performance guarantee in favor of the Township in an amount not to exceed 120% of the cost of the improvement, which cost shall be determined by the Township Engineer according to the method of calculation set forth in N.J.S.A. 40:55D-53.4 for any and all bondable items as permitted therein. The Township Engineer shall prepare an itemized cost estimate of the improvements covered by the performance guarantee, which itemized cost estimate shall be appended to each performance guarantee posted by the obligor.

The furnishing of a maintenance guarantee in favor of the Township in an amount not to exceed 15% of the cost of the improvement, which cost shall be determined by the Township Engineer according to the method of calculation set forth in N.J.S.A. 40:55D-53.4 for any and all bondable items as permitted therein.

The furnishing of a temporary certificate of occupancy guarantee in the amount of 120% of the cost of installing the remaining improvements required to be completed before the issuance of a permanent certificate of occupancy. The scope and amount of such a guarantee will be determined by the Township Engineer.

The furnishing of a safety and stabilization guarantee to return the property to a safe and stable condition or to otherwise implement measures to protect the public from access to an unsafe or unstable condition. The amount of such a guarantee shall be $5,000 where the overall bonded improvements are $100,000 or less. Where the overall bonded improvements are $100,000 or more, then the Township Engineer shall calculate the bond amount in accord with the following: $5,000 for the first $100,000 of bonded improvement costs, plus 2.5% of bonded improvement costs in excess of $100,000 up to $1,000,000, plus 1% of bonded improvement costs in excess of $1,000,000.

Applicability. Any development requiring off-site improvements as defined below shall comply with the provisions of this section.

Definition. An off-site improvement is one or more required improvements necessary for the 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 developer's property. Off-site improvements shall be required where:

Proportionate contributions. The proportionate contribution of any off-site improvement by the owner or developer shall be reasonably related to the relative benefit or use of the total area served in line with the following formulas:

Coordination with governing body. Planning and Zoning Board or Zoning Board of Adjustment determination of required off-site improvements shall be guided by this chapter, the Master Plan and such professional advice as may be necessary for the specific project. Once it has determined that one or more off-site improvements are necessary, the Planning and Zoning Board or Zoning Board of Adjustment shall notify the governing body, via resolution, of its findings and shall provide an estimate of cost, a suggested pro rata share for the development in question and a suggested means of payment. No final action on a preliminary development shall be taken until all aspects of such agreements have been mutually agreed to by the developer and the governing body, and the Planning and Zoning Board or Zoning Board of Adjustment has been advised, in writing, by the governing body.

Implementation. Where a performance or maintenance guarantee is required in connection with off-site improvements, the procedures outlined in §§ 275-99 and 275-100 shall be followed. Cash contributions, where required by agreement, shall be deposited with the Municipal Clerk or Municipal Treasurer who shall place them in an escrow or exchange account for the purposes outlined. If improvements are not completed by the municipality within 10 years, the funds shall be returned to the developer under terms outlined by the Municipal Solicitor. Cash contributions shall not be required where county or state agencies have jurisdiction over said improvements and where those agencies require a guarantee that would represent a duplication.

Upon substantial completion of all required improvements, the obligor may request of the governing body, in writing, by certified mail addressed in care of the Township Clerk, that the Township Engineer prepare, in accordance with the itemized cost estimate prepared by the Township Engineer and appended to the performance guarantee pursuant to this chapter, a list of all uncompleted or unsatisfactorily completed improvements. If such a request is made, the obligor shall send a copy of the request to the Township Engineer. The request shall indicate which improvements have been completed and which improvements remain uncompleted in the judgment of the obligor. Thereupon the Township Engineer shall inspect all improvements covered by the obligor's request and shall file a detailed list and report, in writing, with the Township Committee, and shall simultaneously send a copy thereof to the obligor not later than 45 days after receipt of the obligor's request.

The list prepared by the Township Engineer shall state, in detail with respect to each improvement determined to be incomplete or unsatisfactory, the nature and 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 Township 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 pursuant to this chapter.

The Township Committee, by resolution, shall either accept the improvements determined to be complete and satisfactory by the Township Engineer, or reject any or all of these improvements upon the establishment in the resolution of cause for rejection, and shall approve and authorize the amount of reduction or release to be made in the performance guarantee relating to the improvements accepted, in accordance with the itemized cost estimate prepared by the Township Engineer and appended to the performance guarantee pursuant to this chapter. This resolution shall be adopted not later than 45 days after receipt of the list and report prepared by the Township Engineer. Upon adoption of the resolution by the Township Committee, the obligor shall be released from all liability pursuant to its performance guarantee, with respect to those accepted improvements, except for that portion sufficient to secure completion or correction of the improvements not yet accepted; provided that 30% of the amount of the performance guarantee posted may be retained to ensure completion and acceptability of all improvements. If any portion of the required improvements is rejected, the Township shall require the obligor to complete or correct such improvements and, upon completion or correction, the same procedure of notification, as set forth in this section, shall be followed.