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(a) Before the commencement of any work in such subdivision, the owner and/or agent of the owner shall file with the Village Clerk an improvement performance guarantee with corporate surety in the amount of the construction costs of all improvements necessary to complete the subdivision in a satisfactory and timely manner in accordance with these Regulations and other applicable regulations of the Village.
(b) Performance guarantees for subdivisions shall be in such form as are approved by the Law Director.
(c) Upon failure of completion of all improvements within twelve (12) months from the time of final plat approval as specified in Section 1111.19, or any extension granted by the Planning Commission for good cause shown, the Village may, at its option and upon ten (10) days written notice to the owner and/or agent of the owner, complete all or any portion of the improvements and the owner and/or agent of the owner shall be liable to the Village for the costs of such improvements, plus an additional twenty-five percent (25%) of such costs to cover Village overhead.
(d) Should the Village exercise its option to complete all or any portion of the improvements, after written notification to the owner and/or agent of the owner, the improvement performance guarantee amount shall be declared forfeited and the costs of completion, plus overhead, shall be charged against such amount.
(e) Upon the furnishing of a maintenance performance guarantee by the owner and/or agent of the owner as provided for in Section 1111.29, the balance of the improvement performance guarantee fund shall be returned. Final payments will not be made until the owner and/or agent of the owner provides a maintenance performance guarantee.
(Ord. 2012-21. Passed 7-11-12.)