(A) To assure the orderly completion of a land development project, at the recommendation of the Village Planning Commission, the builder or developer shall be required to post a guarantee in the form of a performance bond or cash deposit.
(B) The guarantee shall be provided after a final site plan is approved by the Planning Commission but prior to issuance of any building or utility permits for any building that is covered by the site plan. The guarantee shall cover site improvements shown on the approved site plan that will not be completed prior to the issuance of the certificate of occupancy. SITE IMPROVEMENTS shall include, but are not limited to, sidewalks, grading, required landscaping, required visual screens or fencing, storm drainage facilities, exterior lighting and utilities.
(C) The applicant shall provide a cost estimate of the improvements to be covered by the guarantee, and such estimate shall be verified as to amount by the Village Engineer/Landscape Architect at the applicant’s expense.
(D) If the applicant shall fail to provide any site improvement according to the approved plans within the time specified in the guarantee, the village shall be entitled to enter upon the site and complete the improvements. The village may defray the cost thereof by the use of the deposited security or may require performance by the bonding company.
(E) If a cash deposit is used, the applicant will provide a projected work schedule and completion dates. The applicant and the Planning Commission shall decide at the time of deposit on the means of rebating portions of the deposit in proportion to the amount of work to be completed. The balance of the deposit will be rebated upon completion of the final inspection.
(F) The Zoning Administrator shall refuse to sign a certificate of occupancy until compliance with the approved final site plan is achieved or until adequate security, as defined in this section, is provided.
(G) When all of the required improvements have been completed, the Zoning Administrator shall inspect the property and submit a written report to the Planning Commission. If the improvements are deemed satisfactory, the Clerk will notify the owner/developer in writing, attaching a copy of the Zoning Administrator’s report and returning the performance bond or any remaining cash deposit.
(Ord. passed 12-15-2015, § 5.2.9)