For construction work proposed within public rights-of-way or on public property, such as curb cuts, driveway aprons, etc., and not being performed as part of the development of a new subdivision, the following shall be required prior to permit issuance:
A. Permit Fee: A permit fee shall be based upon two percent (2%) of the total project cost, but in no case less than one hundred dollars ($100.00).
B. Escrow Deposit: An initial escrow deposit shall be based upon two percent (2%) of the total project cost, but in no case less than one thousand five hundred dollars ($1,500.00). (Ord. 05-12-27, 12-19-2005)
C. Performance Guarantee: A performance bond or irrevocable letter of credit from a financial institution acceptable to the Village shall be posted in the amount of one hundred fifteen percent (115%) of the total project cost or fifteen thousand dollars ($15,000.00), whichever is greater. Such performance guarantee shall guard and protect any excavation or obstruction and defend, save, keep harmless and indemnify the Village of and from any and all action, suits, costs, damages and expenses whatsoever, including attorney fees which shall or may at any time happen to come to it for or on account of any injuries or damages received or sustained by any party or parties by or from acts or omissions of the applicant of his/her/its service in doing such work; and that he will restore such streets, sidewalks or public property to its former condition and to complete such work as quickly as possible and when completed to notify the Village engineers of such fact; and guaranteeing that such work so made in the public streets, sidewalks and public properties, is made and constructed in a good and workmanlike manner and of good and proper material and that the same shall not deteriorate, cave in or require repair or reconstruction for a period of at least two (2) years from the time of the approval of such work as herein mentioned. (Ord. 09-04-09, 4-20-2009)