(a) No building permit shall be issued for construction of any new single-family residence or for any alterations, additions or renovations to an existing single-family residence with a cost determined by the director of building and zoning to be in excess of one hundred thousand dollars ($100,000.00) unless the owner or contractor (the "applicant") first provides the village with a performance guarantee in the form of: 1) a cash security deposit or 2) an irrevocable letter of credit issued by a state or national bank or savings institution authorized to do business in the state of Illinois. (Ord. 0-09-09, 4-20-2009)
(b) The performance guarantee for permits described in subsection (a) of this section 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)
(c) No building permit shall be issued for construction of any alterations, additions or renovations to an existing single-family residence, with an estimated value of construction determined by the director of building and zoning of up to one hundred thousand dollars ($100,000.00), unless the owner or contractor (the "applicant") first provides the village with a performance guarantee in the form of: 1) a cash security deposit or 2) an irrevocable letter of credit issued by a state or national bank or savings institution authorized to do business in the state of Illinois. (Ord. 0-09-09, 4-20-2009)
(d) The performance guarantee for permits described in subsection (c) of this section shall be in an amount set forth in the annual fee resolution adopted by the corporate authorities. In no event, however, shall an applicant for a permit described in subsection (c) of this section be required to provide a performance guarantee in an amount greater than ten thousand dollars ($10,000.00). 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)
(e) The failure of the applicant to comply with the site grading and drainage regulations in article 10 of this chapter and the construction management regulations in article 11 of this chapter shall be considered a default by the applicant and will authorize the village to draw upon the performance guarantee for payment or reimbursement of all costs incurred or to be incurred by the village in taking remedial action for applicant's failure to comply.
(f) The failure of the applicant to comply with the construction time limits provided in section 6-19 of this chapter shall be considered a default by the applicant and will authorize the village to draw upon the performance guarantee for payment of the default penalties set forth in section 6-19.2 of this chapter.
(g) In the event that the performance guarantee is not sufficient to reimburse the village for remedial costs incurred by the village or for payment of default penalties in section 6-19.2 of this chapter for violation of the construction time limits provided herein, 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.
(h) The village shall retain a portion of the performance guarantee for a minimum of one year after issuance of a certificate of occupancy by the director of building and zoning. This is to secure that the site grading and stormwater drainage plan improvements for the site have been implemented as required by article 10 of this chapter and are performing as intended. If site corrections are made during that one year period to secure such performance, the performance guarantee shall be retained for one additional year to guarantee satisfactory performance. The retainage shall be five thousand dollars ($5,000.00) for permits described in subsection (a) of this section and three thousand dollars ($3,000.00) for the permits described in subsection (c) of this section. Upon completion of this performance guarantee period, the retainage or any unused portion thereof, shall be returned, without interest, to the applicant.
(i) The village shall return the performance guarantee or any unused portion thereof, without interest and without the retainage described in subsection (h) of this section, to the applicant within thirty (30) days after the issuance of a certificate of occupancy by the director of building and zoning, provided that applicant is not then in violation or default of the requirements of this chapter. (Ord. 0-09-09, 4-20-2009)