7.00 DEFINITIVE PLAN
7.07 Release of Performance Guarantee
- Procedures for Partial Release.
- Financial Performance Guarantee. The amount of such a bond, or deposit of money, or letter of credit or three-party agreement for lender fund retention held, may, from time to time, be reduced by the Planning Board. The applicant shall present to the Planning Board a list of all construction items performed and/or completed, said list to be based on the subdivision approval, and the subdivision regulations in their entirety. The amount to be reduced by the Planning Board, after consultation with the Building Inspector and Selectboard, shall be based upon Federal or State prevailing wage construction costs at the time the application for reduction is made. The Planning Board shall withhold adequate funds to complete the project, as described in §7.06(3a) and §7.06(4a), but shall withhold no less than twenty (20%) percent of the original approved cost estimate or fifty thousand dollars ($50,000), whichever is greater. At the completion of the project (based on a written acceptance from the Planning Board that the project has been completed) and a one-year warranty period, the amount withheld shall be released under §7.07(2).
- Covenant. The subdivider may request a Release of Conditions (see Appendix, Form G) for lots where the required improvements have been completed for that section of roadway beginning at any intersection with a Town road and abutting lots up through the last lot to be released. Lots may only be released if they abut the completed portion of the road. No partial release from the covenants will be approved if the total length of roadway, including a temporary turnaround, abutting said designated lots, exceeds the Town's maximum allowable length for dead-end streets, as specified in §8.06(4), unless the Planning Board has already approved within the boundaries of the development, a dead-end street exceeding said limits.
- Procedures for Full Release.
- Obtain in writing from the project's registered professional engineer, a certificate of statement (see Appendix, Form G) that all work required by these Rules and Regulations has been constructed in conformance with the approved construction plans.
- The applicant shall present the Planning Board with letters from all applicable utilities, including the electric, telephone and cable TV companies, stating that the underground systems have been installed to the satisfaction of their respective utilities.
- Obtain from the applicant a set of record construction plans. Said plans shall be derived from the Definitive Plan, but show all features “as built”. The Planning Board may hire a consultant at the applicant’s expense, as outlined in §7.05, to review these plans prior to their approval.
- The applicant may be required to execute an instrument, in a form approved by the Planning Board, transferring to the Town, or to an approved public utility company, without cost, valid unencumbered title to all sanitary sewers, water mains, and appurtenances thereto, and other utilities constructed and installed in the subdivision of approved portion thereof, and conveying to the Town or to an approved public utility company without cost and free of all liens and encumbrances, perpetual rights and easements to construct, inspect, repair, renew, replace, operate and forever maintain such sanitary sewers, water mains and other utilities, with any manholes, conduits, and other appurtenances, and to do all acts incidental thereto, in, through, and under the whole of all streets in the subdivision or approved portion thereof, and if any such sewers or water mains have been constructed and installed in land not within such streets, then in, through, and under a strip of land extending fifteen (15) feet in width on each side of the centerline of all such sewers and water mains. The Planning Board may require greater than fifteen (15) feet in width on each side of the centerline where it deems necessary.
- If the Planning Board determines that all improvements as shown on the endorsed Definitive Plan and all required plans and legal documents have been completed satisfactorily, it shall release all the interest of the Town in such performance guarantee and return the bond to the person who furnished the same, or release the covenant, by appropriate instrument, duly acknowledged, which may be recorded.
- If the Planning Board determines after inspection that said construction or installation has not been completed, or wherein said construction or installation fails to comply with these Rules and Regulations, the Planning Board shall send by registered mail to the applicant and to the Town Clerk, the details wherein said construction or installation fails to comply with its rules.
- The applicant shall have thirty (30) days after receipt of such notice to correct all problems mentioned in the above section. Failure of the applicant to finish all the necessary work within said thirty (30) days shall cause the Planning Board to draw upon the bond or deposit of money as mentioned below.
- Any such bond may be enforced and any such deposit may be applied by the Planning Board for the benefit of the Town of Huntington, as provided in MGL Chapter 41, §81 upon failure of the performance for which any bond or deposit was given to the extent of the reasonable cost to the Town of completing such construction and installation.
- Release of Lots from Covenant in Exchange for Bond or Deposit of Money.
- The lots run consecutively and are released on both sides of the road simultaneously, beginning with the lots nearest any intersection of the subdivision road and a Town road.
- The amount of the financial guarantee and the financial guarantee process shall be determined by the Planning Board, as described above.
The subdivider may, upon partial completion and installation of required improvements in a subdivision, as specified in §8.00 and §9.00 of these Rules and Regulations, the security for the performance of which was given by bond, deposit of money, letter of credit, or covenant, make formal application, in writing, to the Planning Board for partial release of his Performance Guarantee, in accordance with the procedures set forth herein:
In the absence of financial performance guarantees, adequate covenants will be held to insure completion of the project, including, as applicable, record plans, street acceptance plans, site inspections, and legal work. In addition, a covenant on two lots which can be built on will be held until all work in the subdivision, including the signing of all necessary legal documents, has been completed.
The subdivider may, upon completion and installation of required improvements in a subdivision, the completion of record plans and street acceptance plans, as specified in these Rules and Regulations, and the completion of a one-year labor and materials warranty period make formal application, in writing, to the Planning Board for full release of any outstanding performance guarantee. Before the Planning Board releases the full interest of the Town in said performance guarantee, the Planning Board shall:
The subdivider may request a Release of Lots from Covenant in exchange for a financial guarantee provided that: