A. All public improvements and facilities to be provided under the provisions of the planned unit development must be located underground and completed for each phase prior to the issuance of occupancy permits within any such phase and in accordance with the phase plan submitted as part of the application.
B. The installation and completion of such improvements must be guaranteed by the deposit in escrow of the amount equal to 110% of the Village Engineer's estimate of the cost of improvements or subdivision bonds or letter of credit in the form and as approved by the Village Attorney.
C. At the time of completion and acceptance of the public improvement, in addition to guarantees for the installation of public facilities, the Village requires a deposit in cash or other suitable security of an amount equal to 15% of the estimated cost of such improvements.
D. This security will be held for the purpose of guaranteeing the satisfactory operation and maintenance of the public facilities constructed within the planned unit development for a period of 24 months following completion of construction of the entire public facilities by the developer and acceptance by the Village of said public facilities.
E. The security deposit herein required will be refunded at the expiration of said 24 month period if no defects have developed in the public improvements; provided, however, that the Village may utilize such deposit for the purpose of correcting defects during said period, in which case the Village is required to return only that portion of the guarantee remaining on deposit.
(Ord. 885, passed 11-21-2023)