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(a) Required. The developer must provide a financial guarantee in the form of a cash deposit, certified check, irrevocable bank letter of credit or surety bond in an amount sufficient to cover the cost of public and common improvements.
(b) Amount. The amount of the performance guarantee shall be limited to cover the estimated cost of improvements necessary to comply with this Zoning Code and any conditions attached to the site condominium development approval. Such improvements shall include, but are not limited to, roadways, lighting, utilities, sidewalks, screening, drainage and monuments.
(c) Completion Time. If all required improvements are not completed within the time period provided, the Village, by resolution of Council, may proceed to have such work completed and may reimburse itself for the cost thereof from the security furnished by the developer.
(d) Release. Upon the written request of the developer for the release of all or a portion of the financial security provided for the completion of improvements, and upon certification by the designated Village Engineer that the proportion of the financial security requested to be released is equal to or less than the proportion of the improvements installed at the date of the request, the Village may authorize the release of such financial security to the developer or to such other source as shall be directed by the developer. Any written request from the developer seeking the release of a portion of the financial security shall be accompanied by written certification from the developer’s engineer or architect certifying what part of the improvements have, in fact, been completed.
(Ord. 2009-6. Passed 11-9-09.)