(A) Any owner or subdivider filing an application for approval of a final plat shall submit a statement of agreement that: the land improvements required by §§ 156.50 through 156.57 shall be completed by the owner or subdivider in accordance with plans and specifications approved by the Village Engineer and Board of Trustees and all inspection and review fees required by this chapter and one set of plans and specifications showing such improvements as installed shall be paid to or filed with the Village Clerk within two years following the approval of the final plat by the Board of Trustees.
(B) A completion bond shall be posted by such owner or subdivider with the Village Clerk prior to approval of the final plat. Such completion bond shall be in a penal sum in an amount equal to 110% of the estimated cost of the subdivision improvements required by §§ 156.50 through 156.57 or, in lieu of a bond, a deposit of cash, or other security or guarantee acceptable to the President and Board of Trustees, including an irrevocable straight commercial letter of credit. Any such deposit in lieu of a bond must be acceptable to the President and Board of Trustees in its sole discretion. Such cost for the completion of the required subdivision improvements shall be in accordance with cost estimates prepared by the developer's engineer with review and approval of the Village Engineer and approved by the President and Board of Trustees. If a completion bond, or deposit of cash, or other security or other guarantee is posted, there shall be good and sufficient surety thereon, as approved by the President and Board of Trustees and be in such form as approved by the Village Attorney and conditioned upon the installation and acceptance of said improvements.
(1) The subdivision improvement deposit in an amount equal to 110% of the estimated cost of the subdivision improvements required by §§ 156.50 through 156.57 hereof shall be placed in escrow in accordance with the terms of the escrow agreement contained in Appendix A of this chapter for the purpose of:
(b) To pay the engineering and inspection fees of the village.
(c) To pay the cost of maintaining the subdivision improvements for a period of one year after acceptance by the village.
(d) To pay for any other customary expenses of the developer in meeting any requirements for the village pertaining to the subdivision.
(2) (a) A subdivider may elect to deposit an amount equal to 110% of the estimated cost of improvements directly with the village. The village, upon the certification of the Village Engineer that the improvements have been completed or partially completed, will pay to the contractor, in not more than three payouts, the amount due under the contract. The village will also make the distribution of funds from the deposit for the fees and cost of:
1. Engineering and inspection.
2. Maintaining the subdivision improvements for a period of one year after acceptance.
3. Any other costs or expenses in meeting the requirements of the village.
(b) Nothing in this division (B) will relieve the subdivider of bearing the full cost for the subdivision improvements and expenses required by the village.
(c) After completion and acceptance of the subdivision improvements, the village will authorize the refund of any residue remaining except for 10% of the original deposit or the amount stipulated in the escrow agreement. The retained amount shall be used for the maintenance of the improvements for a period of one year after the date of acceptance and then any balance remaining will be refunded.
(d) Notwithstanding anything to the contrary herein, upon the completion of the subgrade, base course, and one-half of the thickness of the wearing surface course of a street, alley, or parking area, the President and Board of Trustees may reduce the amount of that portion of the bond or other guarantee or deposit that directly relates to said street, alley, or parking area, but such reduction shall not be more than an amount equal to 85% of the estimated cost of installation of the subgrade and base course.
(C) The Village Clerk shall not certify the approval of the Board of Trustees on the final plat until the required bond, or deposit, or cash, or other security or other guarantee has been filed as required by this section.
(D) Such agreements, as set forth in Appendix A of this chapter shall not be required for subdivisions located in the unincorporated areas within 1-½ miles beyond the village limits when there is evidence that agreements are entered into between the owner or subdivider and county, except when the village standards of public improvements are of higher quality than county standards, such agreements may be required by the village.
(Ord. 77-05, passed 4-6-77)