It is the intention of this title to encourage building in the village consistent with the protection of the public interest without placing undue financial hardship on subdividers for bond expenses. Therefore, the following examples of procedure are given to clarify the intent of the title and to provide suggestions to subdividers for economizing on bond expenses. They are given for illustrative purposes only and in no way limit or change the force or intent of any part of this title.
A. If a subdivider intends to subdivide a large plot of land, it will be more economical for him if he requests approval for a plat concerning only the amount of land that he intends to develop in the near future. In obtaining this plat approval, the subdivider would supply to the Planning and Zoning commission the general plan for the entire area to be developed. This procedure will eliminate the necessity for the subdivider furnishing bonds for improvements which are to be installed several years in the future.
B. If a subdivider has obtained a plat approval for a subdivision and has posted a bond to cover the cost of the improvements and, after developing part of the plat, decided to discontinue the development, the village board may release the bond for the undeveloped area, provided the improvements already installed constitute a properly operating and functional system, and provided, that the subdivider vacates the undeveloped part of the plat.
C. If a subdivider desires to post a cash bond to cover the cost of improvements, it is possible that up to seventy percent (70%) of the portion of the cash bond provided for the completion of the improvement can be refunded to the subdivider as improvements are completed, permitting the subdivider to use the money to pay his subcontractors for the installation of improvements. (1978 Code § 7-1-10; amd. Ord. 2023-56, 9-7-2023)