Upon written request of the subdivider, after all the required improvements have been completed and record drawings have been submitted, the Village Engineer shall make a final inspection of the completed work.
A. The Village Engineer shall then prepare a Final Completion Certification and Final Punch List for correction of items which do not comply with the approved drawings and specifications or Design Standards of the Village. Upon completion of all items listed in the final punch list, the subdivider shall request, in writing, a reinspection. If all punch list items are found to be completed, the Village Engineer shall notify the Village Clerk, in writing, of his or her recommendation for approval and acceptance of the work. The Village Clerk shall schedule the acceptance for the next regular Village Board meeting.
B. The Developer shall be responsible for repairing defects in the public improvements for a period of one year after the Village’s acceptance of the improvements (the “guarantee period”). Prior to final acceptance of the public improvements, the subdivider shall pay any outstanding invoices and submit a five percent maintenance financial security for the full value of the public improvements as estimated by the subdivider's engineer and verified by the Village Engineer. Said maintenance financial security shall be the developer's guarantee against defects of the public improvements and shall terminate one year after acceptance of maintenance of the public improvements by the Village Board, provided, however, that the term of the maintenance financial security shall not be required to extend past 14 months after substantial completion of the improvements. Unless otherwise approved or required by the Village Board, the form of the maintenance financial security shall be substantially the same form as the financial guarantee required for the construction of improvements per Section 30-12. In the event that the Developer fails to repair or replace defective work during the guarantee period, the Village will use the Developer’s maintenance financial security and/or specially assess or specially charge the land for the cost of repairs as set forth in s. 30-102.B.
C. Upon acceptance by the Village Board, the balance of the public improvements construction financial guarantee and any deposited fees remaining shall be released to the subdivider.
(Ord. 2018-6, passed 10-8-2018)