The Board may require an applicant to post a performance guarantee in an amount sufficient to secure satisfactory completion and inspection by the Consulting Engineer of all necessary improvements proposed in a conditionally approved application or any other activity for which the Board may require a performance guarantee under these regulations, including, without limitation, construction of roads or other public improvements; the extension and construction of water and sewer lines and associated facilities; stormwater drainage systems; erosion and sediment control structures; monumentation and fire safety structures.
The amount of the performance guarantee will be determined by the Board based on an estimate of costs provided by the applicant, and a review by the Consulting Engineer, at the expense of the applicant. Any required performance guarantee shall be posted prior to the approval of a Complete Application. The amount of the performance guarantee shall be re-computed by the Board from time to time after the first anniversary of the approval of the application, based on the applicant’s progress towards completion of the secured activity.
The performance guarantee shall be in form acceptable to and approved by the Board, legal counsel for the Town (at the expense of the applicant) and the Select Board. The terms of the guarantee shall precisely identify the work to be performed, the completion schedule, the standards for satisfactory completion, and the conditions for partial or total release of the guarantee. Separate performance guarantees may be required for each phase of a phased development and shall be posted before construction on that phase may begin.
The performance guarantee shall be released upon satisfactory completion of all improvements or other secured activity and the Board’s receipt of relevant as-built plans acceptable to the Board provided by the applicant, which shall be submitted both in hard copy and as a digital submission in compliance with Chapter 8.