(A) If at the time a final plat is submitted for approval or at any time thereafter, the subdivider has already constructed a portion of the public improvements therein, the subdivider may request that the security for the subdivision be based on the estimated cost of the unconstructed portion, plus 10% of the estimated cost of the improvements constructed to date. This basis for establishing the amount of the security shall be used only if the village’s consulting engineer has inspected the completed portion of the public works and certified that the works have been constructed in accordance with the approved construction plans.
(B) No partial bond reduction shall be construed as final acceptance by the village of any portion of the public improvements; all public improvements constructed by the subdivider are subject to reinspection and reevaluation at any time prior to final acceptance thereof in accordance with § 155.062 of this chapter, and the subdivider has a continuing obligation until final acceptance to construct all public improvements to the standards of this chapter and the construction plans. In no event prior to final acceptance shall the security for public improvements be reduced to an amount less than 5% of the initial estimated construction costs of all public works to be constructed for the final plat.
(Prior Code, § 150.028) (Ord. 96-006, passed 2-5-1996; Ord. 2010-019, passed 6-7-2010)