(A) The Owner shall guarantee the public improvements for a period of eighteen (18) months from the date the Village accepts such improvements. During such eighteen (18)-month period, the owner shall be obligated, upon written notice from the Village as provided herein, to repair or reconstruct any public improvement or portion thereof which may deteriorate, fail or otherwise cease to meet the standard established by the engineer's certificate or record drawings.
(B) The Village shall provide written notice to the Owner of deterioration of public improvements, specifying a time period in which such deterioration is to be remedied and the Owner shall perform the necessary repair or reconstruction at his/her own expense, within the time specified.
(C) In the event that it is determined by the Village that failure of the Owner to restore existing public improvements will result in imminent hazard to life or property within the subdivision or in areas adjacent thereto the Village may, without prior notice to the Owner, perform or have performed on its behalf any restoration work reasonably necessary to prevent such hazards. Within thirty (30) days thereafter, the Owner shall be notified in writing by the Village of the performance of such work and of the cost thereof. Within thirty (30) days from notification from the Village of the work performed and the cost of the work, Owner shall reimburse the Village for the full amount incurred by the Village.
(D) As a condition of, and prior to, acceptance of any public improvement, the Owner shall submit to the office of the Village Engineer, guarantee security to secure the performance of the obligations imposed by this Section. The guarantee security shall be in the amount of twenty percent (20%) of the total cost of the public improvements, which shall expire no earlier than eighteen (18)-months after acceptance of such public improvements by the Village Council. Such guarantee 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. 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 eighteen (18)-month guarantee period.
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 an eighteen (18)-month term, and the permit applicant shall be responsible for maintaining the performance bond at all times during the eighteen (18)-month guarantee period.
(E) In the event the guarantee 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.
(Ord. 2024-5096, 10-7-2024)