(A) Prior to issuance of a site development permit, the Owner shall submit to the Village, construction security to guarantee completion of public improvements prior to the expiration of two (2) years from the approval and recording of the final plat of subdivision. Such construction security shall be one hundred ten percent (110%) of the engineer's probable estimate of cost. Such construction security shall be in one of the following forms:
1. A cash security deposit, together with an agreement for the disposition thereof, in form and substance as set forth in the Village of Lisle Design Manual.
2. An irrevocable letter of credit in form and substance as set forth in the Village of Lisle Design Manual. The letter of credit must be an original copy. All letters of credit shall be valid for a minimum of a one-year term, and the permit applicant shall be responsible for maintaining the letter of credit at all times during the construction of the public improvements.
3. A performance bond in form and substance as set forth in the Village of Lisle Design Manual. The performance bond must be an original copy. All performance bonds shall be valid for a minimum of a one-year term, and the permit applicant shall be responsible for maintaining the performance bond at all times during the construction of the public improvements.
4. In the event the construction security is insufficient to fund any charges, costs or expenses described in this section, including collection costs and attorney fees, the Owner shall be responsible for such deficiency. The Owner shall cause such deficiency to be paid to the Village upon thirty (30) days notice. In the event such payment is not timely made, the Village may institute appropriate proceedings to collect such amounts, plus all costs associated with such collection, including attorney fees.
(B) The Zoning Administrator, with concurrence of the Village Engineer, may reduce the public improvement construction security as each division of the required land improvements are initially accepted. Land improvements shall be divided into the following categories, as applicable:
1. Sanitary sewer mains and appurtenances;
2. Water mains and appurtenances;
3. Storm sewer mains, drainage ways, and storm water management facilities;
4. Streets and parkway grading and seeding/sodding;
5. Erosion and sediment control, mass grading;
6. Miscellaneous improvements (landscaping, street traffic signs, street lights, pedestrian paths, traffic signals, etc.).
(Ord. 2024-5096, 10-7-2024)