No demolition permit shall be issued for any habitable structure unless the owner or demolition contractor (the "applicant") first provides the Village with a performance guarantee in the form of a cash security deposit or an irrevocable letter of credit as follows:
(a) An irrevocable letter of credit shall be issued by State or national bank or savings institution authorized to do business in the State of Illinois and acceptable to the Village, and shall remain in full force and effect for a period of at least six (6) months after the effective date of the demolition permit, or until the Director of Building and Zoning certifies that the site has been restored in accordance with the terms and conditions of the demolition permit and this article. The failure of the applicant to complete the demolition and site restoration prior to the expiration of the demolition permit in accordance with the terms and conditions of the demolition permit, this article and all other applicable codes and ordinances of the Village shall be considered a default by the applicant and the issuing institution and will authorize the Village to draw upon the credit for payment or reimbursement of all costs incurred or to be incurred by the Village in securing the site, completing the demolition, restoring the site in whole or in part, and/or restoring damaged public property.
(b) The failure of the applicant to complete the demolition and site restoration prior to the expiration of the demolition permit in accordance with the terms and conditions of the demolition permit, this article and all other applicable codes and ordinances of the Village shall be considered a default by the applicant and will authorize the Village to draw upon a cash security deposit posted by the applicant as a performance guarantee for payment or reimbursement of all costs incurred or to be incurred by the Village in securing the site, completing the demolition, restoring the site in whole or in part, and/or restoring damaged public property. (Ord. 0-07-08, 2-20-2007)
(c) The performance guarantee shall be in an amount set forth in the annual fee resolution adopted by the Corporate Authorities. Such performance guarantee is in addition to all other application fees, costs and bonds required by the Village. (Ord. 0-12-36, 10-1-2012)
(d) In the event that the performance guarantee is not sufficient to complete the demolition and restoration of the site, or to reimburse the Village for costs incurred or to be incurred in completing the demolition and restoration of the site, including administrative costs and legal fees, it shall be the duty of the applicant to replenish the performance guarantee and to reimburse the Village for such costs within fourteen (14) days after written demand by the Village.
(e) The Village shall return the performance guarantee, or any unused portion thereof, without interest, to the applicant within thirty (30) days after demolition and restoration of the site has been approved as completed by the Director of Building and Zoning. (Ord. 0-07-08, 2-20-2007)