Each application for approval of a condominium subdivision shall contain in addition to the information required by the Village ordinances relating to planned developments and new subdivisions, the following additional information:
(a) Plans and specifications or blueprints indicating where each condominium unit is to be and indicating what public areas are to be owned by the association of condominium owners.
(b) Proposed articles of incorporation and by-laws for the association of condominium owners which will manage the common areas.
(c) A detailed description of proposed financing to be available to purchasers of the condominium units.
(d) Information indicating financial responsibility and financial ability of the builders or developers to complete the project as proposed.
(e) A copy of all proposed covenants relating to the real estate.
(f) An agreement by the builder or developer specifying the improvements to be completed by the builder or developer, including recreational facilities, bicycle trails and other common areas.
(g) If the construction is to be financed in whole or in part by escrow funds put up by purchasers, or if escrow funds of any kind are required from purchasers, then the following information will be provided:
(1) A description of the escrow arrangement;
(2) A copy of all escrow documents;
(3) Provisions for the return of funds to purchasers if the matter is not completed by the date specified;
(4) The name and address of the institution to hold the escrow.
(h) Title information insuring all liens, easements, and interests of record including all ownership concerning the real estate. All mortgages and mechanic’s liens and other financial liens of any kind shall be listed.
(i) In connection with the common areas and recreational areas, a proposed management agreement and proposed rules will be furnished.
(j) The forms to be used for agreements, promissory notes, deeds and other documents of title and documents related to the sale of the condominium units will be furnished.
(k) The applicant shall furnish a bond with a corporate surety licensed to do business in this state, guaranteeing that all common areas and facilities and all common recreational facilities will be completed.
(Ord. 1994-25. Passed 11-7-94.)