A. At the time of final approval, and subject to appropriate conditions, the planning commission and the president and board of trustees may defer or waive the provision of any or all such improvements as it deems not to be necessary and in the interests of the public health, safety, and general welfare, or which are inappropriate because of inadequacy or lack of connecting facilities.
B. Whenever the president and board of trustees deems it necessary to defer the construction of any improvement required herein because of incompatible grades, future planning, inadequate connecting facilities or for other reasons, the applicant shall pay his share of the costs of the future improvement to the village prior to the signing of the final subdivision plat, or sign the village standard restrictive covenant waiving right to protest future special assessment, or the applicant may post a bond ensuring completion of the improvement upon demand of the village. Should the village board approve deferral of public road improvements for an individual lot development, including single-family residences, the applicant will be required to supply the village with an actual cost of construction for public improvements from a licensed engineer. The application will be subject to review and acceptance by the village engineer. Once accepted, the applicant shall then escrow into a public improvement fund one-half (1/2) of that amount for installation of public improvements (applicant's obligation). Capital from the public improvement fund will be available for public street improvements in the village as deemed necessary by the public works department.
C. The street improvements and appurtenances associated with the development may be completed upon eighty percent (80%) of the total units being occupied in a subdivision with the approval of the village engineer, or as otherwise approved by the village engineer. Upon completion and approval by the village engineer, the developer may deposit with the village a sum determined by the village in an amount equal to twenty five percent (25%) of the value of the street system work. This deposit will relieve the developer of any further maintenance responsibility, including the three (3) year guarantee that would otherwise be required. (Ord. 2004-O-14 § 1)