(A) Guarantees to city. After the Village Board of Trustees has approved the Final Plat with respect to the above qualifications, the subdivider shall be so notified by the Zoning Administrator. Final approval and signature by the Mayor and the Zoning Administrator shall be contingent upon the receipt by the village of guarantee by the owner and/or subdivider to the village for the completion of all land improvements yet remaining to be installed. Within 60 days of the approval of the final plat one of the following shall be completed:
(1) Deposit with the village a subdivider's bond in the amount of the 110% estimated cost of the land improvements; the bond need never exceed one and one-half times the estimated cost of the improvements remaining to be completed; or
(2) Deposit with the village cash in the amount of 110% of the estimated cost of the land improvements; the amount of cash need never exceed one and one-half times the estimated cost of the improvements remaining to be completed. Subdivider shall execute an undertaking in lieu of a bond provided for in Appendix A, § 5, and shall also deposit with the village an irrevocable commitment from a financial institution with such terms as are acceptable to the Village Board of Trustees; or
(3) Deposit with the village a lien to be recorded in the County Recorder's Office on all property being subdivided, with the provision that partial release may be obtained when the loaning company executes with the village an agreement to withhold one and one-half times the estimated cost of the land improvements yet remaining to be installed, in escrow, until such time as all land improvements have been completed and accepted by the village. All expenses incurred in determining the amounts apportioned against the land and the cost of releasing each lot or tract shall be paid by the subdivider; or
(4) Deposit with the village, other collateral equivalent to one and one-half times the estimated cost of land improvements yet remaining to be installed, such collateral to be approved by the Village Board of Trustees.
(B) Construction time constraints. All required land improvements shall be installed and completed within a period of two years after the recording of the final plat. Failure of the subdivider to complete all of the improvements within this two-year period shall result in forfeiture of the guarantee collateral unless an extension of time is requested by the subdivider and granted by the Village Board of Trustees. In the event of failure to complete the improvements in the required period, as stated above, the Village Board of Trustees may direct that no further building permits be issued for property in such subdivision pending satisfaction of the Village Board of Trustees in regard to the status of the required land improvements.
(C) Inspection.
(1) All required land improvements to be installed under the provisions of this chapter shall be checked during the course of construction, by or at the direction of the Zoning Administrator or his designated representative.
(2) The cost of any re-inspection of any required land improvement found to be faulty or not in accordance with the approved plans and specifications shall be paid by the subdivider to the village. The testing of any concrete, asphalt, soil, or other materials and workmanship shall be done at the direction of the village and at the expense of the subdivider.
(D) Release of bond. The subdivider's bond or guarantee collateral shall be released only upon fulfillment of the following conditions:
(1) The completion of all required land improvements.
(2) The submission of four copies of acceptable “as-built” drawings of all land improvements.
(3) An affidavit to the effect that:
(a) All materials, labor and other costs have been paid, or arrangements have been made for payment so as to hold the village free from any obligations for payment of any costs of the land improvements; and
(b) That the subdivider accepts responsibility for the maintenance and repair of all land improvements for two years after the date of the acceptance resolution by the Village Board of Trustees.
(4) Final acceptance, by resolution by the Village Board of Trustees of all land improvements.
(Ord. passed - - ; Am. Ord. 708, passed 8-19-96)