As a precedent to the issuance of a demolition permit, the owner, agent or person with control of the property subject to demolition shall post with the Village a performance bond, cash deposit or other surety approved by the Mayor to assure the Village that the demolition work will proceed as permitted. The value of the surety shall not exceed the cost associated with the demolition and site restoration. The terms of the surety shall provide that the Village may retain or claim the surety proceeds if the permit holder fails to perform the demolition activities in accordance with the permit granted. The value of the surety may be reduced during the course of the demolition work, at the sole discretion of the Mayor, if, in the estimation of the Mayor, sufficient surety remains to assure completion of the demolition and site restoration activity.
(Ord. 5-11. Passed 7-11-11.)