Each demolition of a vacant building requires that the owner hold in escrow with the Village, or place a performance bond in favor of the Village, an amount of ten thousand ($10,000) dollars for a residential building and seventy-five thousand ($75,000) dollars for a commercial building. If the amount to be set up in escrow cannot be paid in full, the Village will place a lien on the property for the amount previously specified. The Village will use these funds to complete the plans submitted by the owner in the event that the owner does not comply with the deadlines as previously submitted in the owner's vacant building plan. Escrow funds will be released upon completion of the work or transfer of ownership, provided that all fees have been paid in full. New owners must sign a form accepting responsibility for completing the demolition.
(Ord. 3149. Passed 4-4-16.)