(A) Whenever this chapter requires the installation of water mains, sanitary sewers, drains, other facilities for sewers and drains, the construction of any roadways or the installation of any traffic signals or other traffic related improvements as a condition of either the acceptance of a preliminary or of a final subdivision or plat, and where, in the opinion of the Board of Trustees the facilities may be used for the benefit of property not in the subdivision, and the improvements or other facilities are to be dedicated to the public, the Board of Trustees may by contract with the subdivider agree to reimburse and may reimburse the subdivider for a portion of the cost of the improvements or other facilities from fees charged to owners of the property not within the subdivision, when and as collected from the owners.
(B) The contract shall describe the property outside the subdivision that may reasonably be expected to benefit from the improvements or other facilities required to be constructed under the contract and shall specify the amount or proportion of the cost of the improvements or other facilities that is to be incurred primarily for the benefit of that property.
(C) The contract shall provide that the village shall collect fees charged to owners of property not within the subdivision prior to the connection to and use of the improvements or other facilities by the respective properties of each owner.
(D) The contract may contain other and further provisions and agreements concerning the construction, installation, completion and acceptance of the facilities, roadways or other improvements that the Board of Trustees in its sole authority may deem proper and may also provide for the payment to the subdivider of a reasonable amount of interest on the amount expended by him or her to complete the improvements, the interest to be calculated from and after the date of completion and acceptance of the facilities, roadways and other improvements.
(65 ILCS 5/9-5-1)
(E) Any contract entered into between the Board of Trustees and a subdivider pursuant to division (A) above shall be filed with the County Recorder. The recording of the contract in this manner shall serve to notify persons interested in the property of the fact that there will be a charge in relation to the property for the connection to and use of the facilities constructed under the contract.
(65 ILCS 5/9-5-2)