A. Statement Of Intent And Agreement (SIA):
1. Required Prior To Final Plat Approval: Before approval of any final plat, the subdivider shall agree in a written statement of intent and agreement (SIA) to be submitted to and approved by the board of trustees, to install and construct right of way, utility, and other public improvements, to pay all required fees, and to make all required donations in accordance with the requirements of the ordinances of the village.
2. Completion Date Of Improvements: The SIA shall state the approximate date when installation of public improvements will commence and a reasonable date for completion of said public improvements. If the SIA does not otherwise provide a completion date, the improvements shall be completed within three (3) years of the date of final plat approval and recording.
3. Extension Of Time: An SIA may be amended to extend the time for commencing and completing public improvements.
4. Binding Effect: An SIA shall be binding upon the successors, heirs, and assigns of the subdivider or developer.
B. Completion Guarantee:
1. Surety Bond: Before approval of any final plat or SIA in such platted subdivision, the subdivider shall guarantee the completion of the public improvements to be installed or constructed in accordance with the SIA and the ordinances of the village, together with all other commitments by the subdivider, by submitting a corporate surety bond or other financing surety, in a form to be approved by the village attorney.
2. Definition: For the purposes of this title, "other financing surety" shall be defined as letters of credit, impound letters or similar devices made by a sound and reputable financial institution whereby a sum of money is set aside and restricted as payment for the performance of specific obligations by the subdivider and which are irrevocable except by prior notice to the village.
C. Assignment, Transfer Or Conveyance Of Property: A subdivider may freely assign, transfer, or convey property within a platted subdivision, but such assignment, transfer, or conveyance shall not affect the principal obligation of the subdivider to perform its obligations under this title or an executed SIA without a written amendment to the SIA. The conveyance of property, within a platted subdivision to grantees of such a subdivider shall render such grantees responsible only for performance of a pro rata share of such obligations in the event of default by the subdivider and the surety. (1997 Code)