(A) The dedication of land required hereunder shall be made prior to the final platting of 50% of the lots approved in the preliminary plat, and cash contributions required hereunder shall be made on a pro-rata basis at the time of application for a building permit for each lot in the development; provided that if land dedication or fee in lieu obligations are not satisfied in full on or before the date of the approval of the first final plat, then such obligation shall be included in and secured by the improvement guarantee (bond or irrevocable letter of credit) held by the village. Further, the dedications or contributions required hereunder shall be applicable and due when a division of property or development or redevelopment of property occurs which creates lots or dwelling units in addition to the number of lots or dwelling units existing as of the date these requirements are hereby established and in such cases shall be paid upon application for a building permit for each additional dwelling unit. In the case of land dedication, the developer shall agree to maintain the property in accordance with all the laws of the village until such time as the land is formally accepted by the village. Improvements to any dedicated land shall be secured by a bond or letter of credit in an amount and form acceptable to the village in its sole discretion at the time the final plat is presented for approval.
(B) These requirements are not intended to apply to lands of subdividers or developers who have entered into an agreement with the village for annexation of land, or for the use of land in a planned development, where such agreement would be violated by imposition of these requirements to such land; provided that these requirements shall be fully enforceable against those lands where the annexation agreement or the planned unit development agreement may have expired and become void because the lands affected were not developed within the time provided for in said agreements.
(C) Title insurance, survey, assessment plats. Each deed or other instrument conveying land to the village shall be accompanied by:
(1) A commitment for a standard Form B ALTA owner’s policy of title insurance issued by a title insurer licensed to do business in Illinois to insure the village’s title to such real estate in an amount equal to its value computed hereunder, subject only to the general real estate taxes which are not due and payable at the time of delivery of the deed, covenants, conditions and restrictions of record which do not prohibit or materially interfere with the use of the subject real estate for park and recreational use;
(2) A current land survey of the subject real estate with all corners staked, prepared by an Illinois registered land surveyor and certified to the village as meeting or exceeding the minimum requirements of both an American Land Title Association (ALTA) survey and the Illinois Land Survey Standards; and
(3) Except in instances where the real estate to be conveyed has assigned to it a permanent index number or numbers which do not cover any other real estate, an assessment plat and tax division petition in form acceptable to the appropriate county authorities so that the land to be conveyed can be assigned its own permanent real estate index number for exemption purposes. All documents described herein shall be in form satisfactory to the village in its sole discretion.
(Ord. 1025, passed 4-20-09)