Fees shall be collected by the Village Clerk at the time, and as a condition of approval by the Board of the final plat. Costs outlined in the Ordinance Establishing a Development Impact Fee for the Village of Diamond (Ordinance 2007-05) shall be adjusted annually based on the change in the Construction Cost Index (CCI) for Chicago published by Engineering News-Record (EN-R). In the event that the developer chooses to pay the required fee over a maximum of a 4-year period, or as facilities become available, the following conditions shall apply:
(A) Each installment shall be based on the current year per acre and per front-foot.
(B) A non-expiring bond, letter of credit or other acceptable financial security as approved by the Village Board, shall be provided in the amount equal to the balance of the impact fee due.
(Ord. 2021-03, passed 3-9-2021)