No subdivision shall be approved until the improvements required have been constructed or a cash bond, as determined by the Village Solicitor, has been deposited with the Village Clerk-Treasurer guaranteeing the faithful performance of the construction of such streets, sidewalks, storm sewers, sanitary sewers and other required improvements in any new subdivision.
(A) Construction agreement.
(1) To assure construction and installation of improvements required by this chapter the subdivider shall execute a construction agreement with the Village Engineer in form and substance as determined by the Village Engineer and approved by the Village Solicitor. This agreement shall provide that all such improvements shall be constructed and installed at the subdivider's expense in compliance with the standards and specifications for each of the various types of improvements; such improvements shall be available to and for the benefit of the lands within such subdivisions that such improvements will be completed and installed within 24 months of the date of conditional approval of the final plat. Any further provisions that the Village Solicitor may deem necessary in the public interest may be added.
(2) The construction agreement shall further provide that, in the case where approval of the final plat has been given before construction of improvements and a performance guarantee has been provided and if the improvements are not completed within the specified time, the village upon proper notice may complete the improvements and recover full costs and expenses thereof from the subdivider and may appropriate such portions of money or bonds posted for the faithful performance of said works.
(B) Commencement of improvements. No construction of any improvements or clearing, grubbing and grading shall be commenced prior to the approval of the construction agreement by the Village Engineer.
(C) Performance guarantee.
(1) Type of guarantee. The subdivider in lieu of actual installation or completion of the required improvements when requesting conditional approval of a final plat, shall execute and file a construction agreement and cash bond in accordance with § 151.023(E)(3)(b)l.
(2) Term of guarantee. Guarantees shall be for a period of not longer than two years unless the Village Engineer shall extend the time period by resolution.
(3) Amount of guarantee. The financial guarantee shall be in an amount equal to the subdivider's estimate approved by the Village Engineer of the cost of construction of all improvements plus 10%.
(D) Maintenance guarantees.
(1) A cash maintenance bond shall be posted with the Village Engineer in the amount of 10% of the cost of improvements and shall be arranged for a period of 24 months from date of acceptance of improvements by the Village Engineer.
(2) The subdivider shall be responsible for routine maintenance of all improvements and shall repair all failures due to faulty construction as soon as they become apparent.
(3) He shall also make repairs due to erosion or abuse by utility companies and shall repair all failures for all other reasons during the maintenance guarantee period. The streets, street trees, monuments and other improvements shall be in a condition acceptable to the Village Engineer Service at the end of the maintenance period. If the subdivider fails to perform said maintenance to the complete satisfaction of the Village Engineer, the Village Engineer may use such cash maintenance guarantee for improvements of properties within the subdivision.
(E) Liability insurance. The subdivider shall furnish such insurance as is deemed necessary by the Mayor or his designee which shall indemnify and save harmless the village from any and all liability arising by reason of the conditions which may arise or grow out of the construction or installation of such facilities. The insurance shall be of such duration as determined by the Solicitor but shall in no case be allowed to expire earlier than the effective period of any maintenance bond. A copy of the insurance policy shall remain at all times with the Solicitor.
(F) Title insurance.
(1) A title insurance policy in an amount to be determined by the solicitor will be issued insuring the title of the lands to be dedicated, and that all taxes are paid on any streets or other lands dedicated to public use.
(2) The title insurance policy shall show the release by the mortgage holder, if any, of all interest in all property dedicated to a public use.
(3) These conditions must be complied with before final effective approval of the subdivision.
(Ord. 57-1981, passed 10-21-81; Am. Ord. 2018-80, passed 11-20-18)