To secure the payment of contribution of cash in lieu of land dedication affecting plats approved for development and in addition to all other requirements of the village, the developer shall post with the benefitting taxing district cash or a letter of credit in the amount of 110% of the estimated cash contribution for the development as exclusively determined by the taxing district and approved by the Village of Frankfort. If a letter of credit is issued, it must be issued by a sound financial institution with offices located in the State of Illinois using a letter of credit form approved by the village.
(Ord. 2172, passed 7-5-05; Am. Ord. 2265, passed 2-21-06)