(A) The applicant shall be responsible for the provision of all required improvements to the land division.
(B) The approved land division(s) shall not be conveyed until all of the required improvements within the land division have been completed according to plans and specifications as set forth herein, or until satisfactory arrangements have been made to complete them. This may be accomplished by either the full installation of all required improvements by the developer at the time that the final plat is forwarded to the Village Council with a recommendation of approval by the Planning Commission or by the provision of a financial guarantee of performance in the following manner:
(1) Performance guarantee.
(a) Any requests made of the Village Council to accept a performance guarantee deposit in lieu of completing all required improvements prior to having the Village Council approve the land division, shall be confirmed by a written agreement between the proprietor and the village and shall be accompanied by an estimate of costs of the remaining required improvements. This estimate shall be furnished by the proprietor's engineer. It shall be complete in all respects including estimated quantities and unit prices, and bear the engineer's seal of registration. If approved by the Village Council, this estimate will provide the basis for the amount of performance deposit and written agreement. Generally, the amount of performance guarantee deposit required will be equal to 100% of the proprietor's engineer's estimate, following review by the Village Engineer's estimate and agreement, plus 25% of such estimate for contingencies. The agreement may further stipulate that the deposit shall be rebated to the proprietor, or an appropriate reduction in the security, in the amounts equal to the cost of completed units of work stipulated in the agreement prepared pursuant to this section, and satisfactory accomplishment of the construction milestones noted therein.
(b) The performance guarantee shall either be a cash deposit or a certified check, or an irrevocable letter of credit, deposited by the subdivider with the Village Treasurer or a responsible escrow agent or trust company, subject to the approval of the Village Council and the Village Attorney.
(c) Further, the agreement shall be so written that any part of the performance deposit, as required, may be used to reimburse the village for costs incurred in connection with the examination and inspection of the required improvements.
(d) In the event the proprietor shall in any case fail to complete its work within the time specified in the written agreement as required by the conditions of the guarantee, the village shall have the work completed. In order to reimburse itself for the cost expense thereof, the Village Council may appropriate from the deposit which the subdivider deposits in lieu of the required improvements.
(2) Maintenance bond. Prior to acceptance by the village of required improvements, a one year maintenance bond in an amount set by the Village Council shall be posted by the proprietor.
(3) Inspections. Village staff or their designees shall provide construction inspection of all required improvements on a continuous basis as outlined in the village's Engineering and Construction Standards. In no case shall the same engineer provide services to both the village and the proprietor. It shall be the responsibility of the improvements contractors to notify the office of the Village Department of Public Works Manager at least three days in advance for the following periodic inspections:
(a) Storms and sanitary sewers, water lines, mains, laterals, and catch basins before the trenches are backfilled.
(b) Forms set for curb and gutter sub-base have been put in place and before the concrete is poured.
(c) Forms set for sidewalks before any concrete is poured.
(d) All subgrade that has been shaped and rolled, before compaction test is made.
(e) Forms for pavement before any concrete is poured.
(f) All base courses.
(g) No work covered by the bond shall be accepted or bonds released until these inspections have been made and work found satisfactory.
(4) The agreement to install required public improvements shall also provide for the checking of improvements plans and continuous inspections of all improvements by the village and for costs of those services which shall be borne by the proprietor or the subdivider.
(Ord. passed 3-12-07)