(A) If at the time a final plat is submitted for approval or at any time thereafter, the subdivider has already constructed a portion of the Subdivision Improvements therein, the subdivider may request that the security for the subdivision be based on 110% the estimated cost of the unconstructed portion. This basis for establishing the amount of the security shall be used only if the village’s consulting engineer has inspected the completed portion of the Subdivision Improvements and certified that the improvements have been constructed in accordance with the approved construction plans.
(B) No partial reduction or security shall be construed as final acceptance by the village of any portion of the Subdivision Improvements; all Subdivision Improvements constructed by the subdivider are subject to reinspection and re-evaluation at any time prior to final acceptance thereof in accordance with § 155.076 of this chapter, and the subdivider has a continuing obligation until final acceptance to construct all Subdivision Improvements to the standards of this chapter and the construction plans. In no event prior to final acceptance shall the security for Subdivision Improvements be reduced to an amount less than 12.5% of the initial estimated construction costs of all Subdivision Improvements to be constructed for the final plat, net of any outstanding separate security for sidewalks.
(Ord. 94-01, passed 1-25-94; Am. Ord. 94-60, passed - -96; Am. Ord. 05-05, passed 2-22-05; Am. Ord. 12-21, passed 6-12-12; Am. Ord. 16-35, passed 6-28-16)