The subdivider or developer shall convey to the village the land required under this section within 30 days after any subdivision plat or final plat of a planned unit development is recorded in the County Recorder's Office (Grundy or Will). All improvements shall be completed within such a time as required by the village.
(A) Land conveyance by warranty deed. Each warranty deed conveying land to the village shall be accompanied by the following:
(1) A written commitment issued by a title insurer licensed to do business in Illinois to ensure that grantor has good merchantable title to such real estate in an amount no less than $1,000, subject only to then current general real estate taxes as of the date of transfer, covenants, conditions and restrictions which do not prohibit the use of the subject real estate for school, park or village use.
(2) A current boundary line survey certified to the grantee by a licensed Illinois land surveyor to be in compliance with the Illinois land survey standards.
(3) Except in instances where the real estate to be conveyed is a lot in a recorded subdivision, an assessment plat and tax division petition in form acceptable to the appropriate county authorities so that the land to be conveyed can be assigned its own permanent real estate index number for exemption purposes.
(B) Cash contributions; payments. Cash contributions shall be in the form of a check payable to the village and shall be deposited with the Village Clerk. Cash contributions shall be paid in equal installments on the issuance of the building permit for each dwelling unit provided, however, that in the event said lands are the subject of an annexation agreement or a development agreement, payments shall be made at the times and in the manner provided in said agreement.
(Ord. 2021-03, passed 3-9-2021)