(A) The subdivider shall install street and utility improvements and other improvements indicated on the plat as provided in this Village Subdivision Code. If such improvements are not installed as required at the time the final plat is submitted for approval, the subdivider shall, before the recording of his or her plat, enter into a contract with the village in the following form agreeing to install the required improvements:
In consideration of the Village of Mazon approving the final plat of the subdivision commonly known as , the undersigned agrees to completely install all street and utility improvements and other improvements indicated on the subdivision final plat and as provided in the Village Subdivision Code not later than two construction seasons (April 15 through October 15), from the date of the Village Board’s approval of the final plat.
(B) The subdivider shall file with the above contract a letter of credit, bond or other security in a form suitable to the Village Board and which also must meet the approval of the Village Attorney.
(C) The letter of credit, bond or other security shall be in an amount equal to 125% of the estimated cost of all uncompleted improvements prepared by the developer’s engineer and approved by the Village Engineer. Such letter of credit, bond or other security shall constitute a guarantee that all improvements will be completed by the developer. The developer may request a reduction in the amount of said security upon written request as progress completion and acceptance of improvements occurs, and may substitute or modify the original letter of credit, bond or other security to an amount approved by the Village Engineer, but in no event less than the required maintenance security to be maintained one year from and after final acceptance of such improvements by the Village Board as set forth below. Repairs necessitated by defects in material for workmanship will be made during the period not to exceed one year from and after final acceptance of such improvements by the Village Board and the developer shall maintain its letter of credit, bond or other security for said one-year period in an amount equal to 10% of the original letter of credit, bond or other security, except that said sum shall not be less than $10,000 nor more than $50,000.
(D) If the improvements are not completed or repairs are not made within the specified time period, the village may use the letter of credit, bond or other security or any necessary portion thereof to complete or repair the same, or may extend the time for completion.
(Ord. 1999-2, Subdivisions § 7, subs. .100, passed 2-15-1999)