Amount Of Security

The applicant shall submit to the Town Planner prior to the submission of any final plan for recording in the case of subdivision or land development project, or plans seeking building permits in the case of a project approved under the Development Plan Review process on Form 1Appendix A, the written itemized estimate of the cost of all required infrastructure and landscape improvements, including labor and materials. Estimates for labor costs shall be based on prevailing wage rates. Such estimate shall be reviewed by the Town Engineer, and/or Tree Warden in the case of a landscape plan, who shall recommend to the permitting authority an amount estimated to be sufficient to cover the cost of improvements as contained on Form 1 (Appendix A, § 9). The recommended estimate(s) shall be advisory in nature and shall not bind the permitting authority to acceptance of said estimate(s). The amount of security required shall equal at least 125% of the cost estimate approved by the permitting authority.