Because the original intent of such improvements in already built-up areas, and because the village should not assume the risk of real estate development which results if the lots are unable to be sold and the subdivider defaults on the assessment payments, the use of improvement districts in connections with new subdivision developments shall not be used as a method of financing such improvements. Only in specific cases where the subdivider illustrates through extensive market research will the Village Board consider acceptances of an improvement district as a means of financing the necessary improvements and providing financial security to the village.
(Ord. 2009-04, passed 4-23-2009)