Each demolition of a vacant residential building requires that the owner hold in escrow with the Village a deposit of ten thousand dollars ($10,000) for a residential building and seventy-five thousand dollars ($75,000) for a commercial building. If the amount to be set up in escrow cannot be paid in full, the Village will place a lien on the property for the amount previously specified. The Village will use these funds to demolish the building/dwelling if it is not completed by the property owner. Escrow funds will be released upon completion of the work or transfer of ownership, provided that all fees have been paid in full. New owners must sign a form accepting responsibility for completing the demolition.
(Ord. 19-20. Passed 11-4-20.)