(A) No building permit shall be issued for any lot or parcel in the village until such time as the applicant has deposited the sum of $15 per frontage foot to insure that a sidewalk is constructed on the subject property in full compliance with the regulations of the village. Such deposit shall be by cashier's check or in cash. At the time of receipt, such sidewalk escrow amount shall be deposited in a separate fund to be known as the sidewalk escrow fund and in a separate interest-bearing bank account. After any required sidewalk has been completed as required, and upon acceptance of the same by the Administrator, the Village Clerk will then refund to the applicant, without interest, the applicable amount in said sidewalk escrow fund. If such sidewalk is not constructed in full compliance with the regulations of the village, and the applicant has failed to bring it into full compliance within 30 days after written notice from the village to do so, the village will then be entitled to use said sidewalk escrow amount for constructing and/or completing the required sidewalk in accordance with all village regulations. Once the sidewalk has been completed, the amount, if any, not including interest, remaining in said sidewalk escrow fund will be returned to the applicant. If the village is required to construct or complete the sidewalk and the cost of such completion or construction of the sidewalk exceeds the amount in the sidewalk escrow fund, then the applicant shall be required to pay to the village the amount by which the actual cost of construction exceeds the amount in the sidewalk escrow fund.
(B) It shall be responsibility of the applicant to request a refund of the sidewalk escrow fund amount, and if no such request is received within three years from the date the deposit was made, then the village shall be entitled to use any amount remaining in said sidewalk escrow fund for general corporate purposes.
(Ord. 05-05, passed 4-18-05)