In order that the village has the assurance that the construction and installation of improvements such as street surfacing, curbs, gutters, storm sewers and appurtenances, sanitary sewer, waterlines, sidewalks, street lighting, street signs and other required improvements will be constructed, the subdivider shall provide performance surety.
(A) Performance surety.
(1) The subdivider shall furnish either a bond, executed by a surety company, cash deposit (certified or cashier’s check) or irrevocable letter of credit (form must be approved by the Village Solicitor) equal to the cost of construction of improvements as shown on the plans, and based on a detailed, itemized estimate approved by the Village Administrator. The estimate shall reflect consideration of prevailing wage requirements.
(2) The performance bond, cash deposit (certified or cashier’s check) or irrevocable letter of credit to the Village of Anna shall run for a period of one year and be extendable for two years from the date of execution, and shall provide that the subdivider, their heirs, successors and assigns, their 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 the facilities or improvements in accordance with the laws and regulations. Before the bond is accepted it shall be approved by the Village Solicitor. Whenever a cash deposit (certified or cashier’s check) is made, the same shall be made out to the Village of Anna.
(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 bond or cash deposit, is not completed within two years from the date of final approval of the record plat, the developer may request the Village of Anna to grant an extension, provided he or she can show reasonable cause can be shown for inability to complete the improvements within the required two 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 the plat.
(Ord. passed 1-12-1999; Am. Ord. 1228-98, passed 1-12-1999) Penalty, see § 152.999