(A) A fully executed performance guarantee in the amount of 125% of the total estimated construction costs of all public improvements shall be furnished by the applicant to the village prior to commencement of construction.
(B) The guarantee shall be furnished in an amount acceptable to the Village Engineer, and shall be presented in one of the following forms:
(1) Irrevocable letter of credit for the benefit of the village;
(2) Cash escrow deposit for the benefit of the village; or
(3) Other financial assurance acceptable to the village and the Village Attorney.
(Ord. 808, passed 4-19-2006)