(A) General security requirements.
(1) To secure the performance of the developer’s obligation to complete the construction of the stormwater facilities required by the stormwater management permit, and to pay all costs, fees and charges due under this chapter, and to fully and faithfully comply with all of the provisions of this chapter, the applicant shall, prior to the issuance of a stormwater management permit:
(a) Post the security provided in division (B) below; and
(b) Post the security provided in division (C) below if an erosion and sediment control plan is required under this chapter.
(2) The applicant shall bear the full cost and responsibility of obtaining and maintaining the security required by this chapter.
(B) Plan review fee. The applicant shall be responsible for paying a plan and as-built review fee established under § 154.024
of the village’s subdivision regulations.
(C) Development security.
(1) In all cases, the applicant shall post:
(a) A schedule, agreed upon by the applicant and the village, for the completion of the stormwater facilities, site runoff storage facilities, the erosion and sediment control systems and special management areas required by the permit;
(b) A statement of the estimated probable cost to complete the construction of any stormwater facilities, site runoff storage facilities, the erosion and sediment control systems and special management areas required by the permit, which statement is subject to the approval of the village; and
(c) A surety, in a form acceptable to the village in an amount equal to 110% of the approved estimated probable cost to complete the construction of the stormwater facilities, site runoff storage facilities, the erosion and sediment control systems and special management areas.
(2) Upon completion of the stormwater facilities, site runoff storage facilities, erosion and sediment control systems, and special management areas, the security may be reduced by 90% of the amount of the estimated probable cost to complete the construction of the stormwater facilities.
(3) (a) The Village Engineer may approve periodic reductions in the amount of the security based upon the progress of construction. At no time, however, shall more than 90% of the total security be released prior to approval of as-built record drawings and final inspection.
(b) The security required by this section shall be maintained by the applicant in favor of the permitting authority until construction has been completed, vegetation has been established, sediment has been removed from all stormwater facilities, as-built record drawings are received, and the final inspection has been performed on the development and approved by the village, at which time it shall be reduced.
(c) A minimum of 10% of the original amount of the security shall be retained for a period of one year after completion of all required stormwater facilities and erosion and sediment control systems.
(D) Construction inspection fee.
(1) Prior to issuance of the stormwater management permit, the applicant shall post a security in the amount equal to 4% of the approved estimated probable cost to complete the construction of the stormwater facilities and the erosion and sediment control system.
(2) The security shall be posted in form acceptable to the village.
(3) This fee shall serve to offset the cost of plan reviews and inspections performed in association with this chapter.
(Prior Code, § 4-4-10) (Ord. 2015-17, passed 8-3-2015)