No work shall be started until the building permit is issued and a bond is posted in accordance with the following: The petitioner or developer shall construct and install the required improvements and must post with the Village a sum, in cash, negotiable securities or a surety bond running to the Village, in an amount sufficient to cover the full cost at the time of construction, including engineering and inspection fees and costs, to assure the satisfactory installation of such improvements. The amount of such deposit or bond shall be based upon the confirmed estimate of cost hereinabove provided for. If a surety bond is submitted, it shall have a good and sufficient surety thereon and shall not be accepted until approved by Council. The above total performance requirement may be waived at the discretion of Council, except that at no time may bond requirements for Municipal improvements be waived. The Building Commissioner and his or her inspectors shall have access to the development at all times during the period of construction. Upon completion, inspection shall be made by Council or its agent at the expense of the developer, and upon approval or acceptance of the improvements by Council the amount of the bond may be reduced to equal the cost of such improvements.
If the planned unit development is to be constructed in stages or phases, the deposit of cash or securities or the bond posted shall be in an amount based upon the confirmed estimated cost of installation of improvements in the respective stage or phase as approved by the Village Engineer.