§ 22-703. Release From Performance Guarantee., Part 7. IMPROVEMENT CONSTRUCTION REQUIREMENTS, Chapter 22. Subdivision and Land Development, Municipal Code, Code of Ordinances, Phoenixville

Partial release of security. As the work of the installation of the required public improvements proceeds, the party posting the financial security may request the municipality to release or authorize the release, from time to time, of such portions of the financial security necessary for the payment of the contractor or contractors performing the work. Any such request shall be done in writing addressed to the Borough. Upon receipt of the request for release of a portion of the improvement security, the Borough shall, within 45 days, allow the Borough Engineer to certify, in writing, that such portion of the public improvements has been completed in accordance with the approved plan and to determine the value thereof based on the estimated cost of completion, as adjusted pursuant to § 22-702. Within the same time period and upon certification by the Borough Engineer, the Borough shall authorize the release to the applicant or his designee by the lending institution of an amount of funds equal to 85% of the value of the work completed with 15% of the approved amount being retained until completion of all improvements. If the Borough fails to act upon a request for release of security within 45 days, the Borough shall be deemed to have approved the full release of security as requested, less 15% of the requested amount being retained until completion of all improvements.

Incomplete improvements. If the required improvements are not completely installed within the period fixed or extended by the Borough Council, the Borough Council may:

Declare the financial security in default and require that all improvements be installed regardless of the extent of the building development at the time the agreement is declared in default.

Suspend final plan approval until the development improvements are completed and record a document to that effect for the purpose of public notice.

Obtain funds under the security and complete improvements.

Assign the right to receive funds under the security to any third party, including a subsequent owner of the property wherein improvements were not completed, in exchange for that subsequent owner's promise to complete improvements.

Exercise any other available rights under the Pennsylvania Municipalities Planning Code.

Post-completion security. The applicant shall be responsible for maintenance of all improvements until they are offered for dedication and accepted by the Borough. Fifteen percent of the financial security may be held as maintenance security, post-dedication, to secure the structural integrity and functioning of these improvements in accordance with the design and specifications as depicted on the approved final plan.

Landscaping security. The applicant shall be responsible for the full replacement of all dead or diseased trees or shrubs for 18 months after they have been planted. Security in the amount of 15% of the full landscaping replacement costs shall be held for a period of 18 months following the planting of the required landscaping.