(a) If a comprehensive stormwater management plan is required by this regulation, soil-disturbing activities shall not be permitted until a cash bond of five percent of the total project cost of the SCMs, has been deposited with the Village Finance Department. This bond shall be posted for the Village to perform the obligations otherwise to be performed by the owner of the development area as stated in this regulation and to allow all work to be performed as needed in the event that the owner fails to comply with the provisions of this regulation. The stormwater bond will be returned, less Village administrative and review fees when the following three criteria are met:
(1) After eighty percent of the lots of the project have been complete or 100 percent of the total project has been permanently stabilized or three years from the time of permanent stabilization have passed.
(2) An as-built inspection of all SCMs is completed by the owner and approved by the Village Engineer.
(3) An inspection and maintenance agreement signed by the developer, the contractor, the Village, and the private owner or homeowners association who will take long term responsibility for these SCMs, is accepted by the Village Engineer.
(b) Once these criteria are met, the owner shall be reimbursed all bond monies that were not used for any part of the project. If all of these criteria are not met after three years of permanent stabilization of the site, the Village may use the bond monies to fix any outstanding issues with all stormwater management structures on the site and the remainder of the bond shall be given to the private lot owner/homeowners association for the purpose of long term maintenance of the project.
(Ord. 2011-31. Passed 7-20-11; Ord. 2017-5. Passed 1-18-17; Ord. 2022-54. Passed 12-21-22.)