In order that the Village has the assurance that the construction and installation of such improvements such as street surfacing, curbs, gutters, storm sewers and appurtenances, sanitary sewer, waterlines, sidewalks, and other required improvements will be constructed, the subdivider shall provide a performance surety.
(a) Performance Surety. To get a final plat signed by the Mayor and Clerk before improvements, the subdivider shall furnish either a bond, executed by a surety company, cash deposit (certified check), or Irrevocable Letter of Credit (form must be approved by the Village Solicitor) equal to the cost of construction of such improvements as shown on the plans, and based on an estimate approved by the Village Administrator.
The performance surety, cash deposit (certified check), or Irrevocable Letter of Credit to the Village shall run for a period of one (1) year and be extendable for two (2) years from the date of execution and shall provide that the subdivider, their heirs, successors, assigns, and agent or servants will comply with all applicable terms, conditions, provisions, and requirements of these Regulations, and will faithfully perform and complete the work of constructing and installing such facilities or improvements in accordance with such laws and these Regulations. Before said surety is accepted it shall be approved by the Village Solicitor. Whenever a cash deposit (certified check) is made, the same shall be made out to the Village.
(b) Extension of Time. If the construction or installation of any improvement or facility, for which guarantee has been made by the developer in the form of a surety, is not completed within two (2) years from the date of final approval of the record plat, the developer may request the Village to grant an extension, provided he can show reasonable cause for inability to complete said improvements within the required two (2) years.
(c) Acceptance of Dedication Offers. Acceptance of formal offers of dedication of streets, public areas, easements, and parks shall be by ordinance of the Village Council. The approval by the Planning Commission of a subdivision plat shall not be deemed to constitute or imply the acceptance by the local government of any street, easement, or park shown on said plat.