(A) In the interest of ensuring compliance with the Zoning Ordinance provisions, protecting the natural resources and the health, safety, and welfare of the residents of the village and future users or inhabitants of an are for which a site plan for a proposed use has been submitted, the Village Council upon the recommendation of the Planning Commission shall require the applicant to deposit a performance guarantee as set forth herein. The purpose of the performance guarantee is to ensure completion of improvements connected with the proposed use as required by this chapter, including, but not limited to, streets, lighting, utilities, sidewalks, drainage, fences, screens, walls, and landscaping.
(B) Performance guarantee as used herein shall mean a cash deposit, certified check, irrevocable bank letter of credit, or corporate surety bond in the amount of the estimated cost of the improvements to be made as determined by the applicant and verified by the village. The village shall be authorized to employ the village engineering consultant to review cost estimates and conduct periodic inspection of the progress of improvements.
(C) Where the Village Council requires a performance guarantee, the performance guarantee shall be deposited with the village prior to the issuance of a building permit for the development and use of the land. Upon the deposit of the performance guarantee the village shall issue the appropriate building permit.
(D) The approval shall also prescribe the period of time within which the improvements for which the performance guarantee has been required are to be completed. The period will begin from the date of the issuance of the building permit.
(E) The Zoning Administrator, upon the written request of the applicant, shall rebate portions of the performance guarantee upon determination that the improvements for which the rebate has been requested have been satisfactorily completed. The portion of the performance guarantee to be rebated shall be in the same amount as stated in the itemized cost estimate for the applicable improvement.
(F) Upon the satisfactory completion, as determined by the village, of the improvement for which the performance guarantee was required, the village shall return to the applicant the performance guarantee deposited and any interest earned thereon. However, the village is not required to deposit the performance guarantee in an interest-bearing account.
(G) (1) In the event the applicant defaults in making the improvements for which the performance guarantee was required within the time period established by the village, the village shall have the right to use the performance guarantee deposited and any interest earned thereon to complete the improvements through contract or otherwise, including, specifically, the right to enter upon the subject property to make the improvements.
(2) If the performance guarantee is not sufficient to allow the village to complete the improvements, the applicant shall be required to pay the village any of the additional costs of completing the improvements. Should the village use the performance guarantee, or a portion thereof, to complete the required improvements, any amounts remaining after the completion shall be applied first to the village's administrative costs, including, without limitation, attorney fees, planning consultant fees, and engineering consultant fees in completing the improvement with any balance remaining being refunded to the applicant.
(3) If the applicant has been required to post a performance guarantee or bond with another governmental agency other than the village to ensure completion of an improvement the applicant shall not be required to deposit with the village a performance guarantee for that specific improvement. At the time the performance guarantee is deposited with the village and prior to the issuance of a building permit, the applicant shall enter an agreement incorporating the provisions hereof with the village regarding the performance guarantee.
(Ord. 239, passed 3-5-2001, § 3.7)