A. Upon receipt of the recommendation of the Zoning, Planning and Appeals Commission following the public hearing on the application for a Planned Unit Development, the President and Board of Trustees may by ordinance approve such Planned Unit Development granting the applicant a special use permit to proceed in accordance with the final development plan attached thereto and all documents in support thereof, subject to such additional conditions and upon such terms as the President and Board of Trustees deems necessary or appropriate to protect and promote the public health, safety, and welfare.
1. Said ordinance shall include all standards, conditions, or restrictions which the President and Board of Trustees shall deem necessary to effectuate the proposed Planned Unit Development and protect the public interest.
2. In addition to the restrictions and conditions imposed in the ordinance approving the Planned Unit Development, the President and Board of Trustees shall require the execution of such agreements as shall be necessary to guarantee the maintenance of public and private open space.
a. Such agreements may include the conveyance of such open space to the Village or other municipal corporation, a not-for-profit corporation or other legal entity which shall hold the open space for the benefit of the public.
b. In the event a private not-for-profit corporation or similar entity shall be established for the purpose of maintaining common open space, the Village may require that said corporation shall provide maintenance and improvements of such common open space and have the right to exact from the property owners the cost of such maintenance or improvement in a legally enforceable manner.
B. All public improvements and facilities to be provided under the provisions of the Planned Unit Development shall 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.
1. The installation and completion of such improvements shall be guaranteed by the deposit in escrow of the amount equal to one hundred fifteen (115) percent 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 of the Village.
2. In addition to said guarantees for the installation of public facilities, the Village shall require a deposit in cash or other suitable security of an amount equal to fifteen (15) percent of the estimated cost of such improvements.
a. This security shall 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 twenty-four (24) months following completion of construction of the entire public facilities by the developer and acceptance by the Village of said public facilities.
b. The security deposit herein required shall be refunded at the expiration of said twenty- four (24) month period if no defects shall 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 shall be required to return only that portion of the guarantee remaining on deposit.
(Ord. 397, passed 5-12-99; Am. Ord. 688, passed 5-17-2011)