A. The financial guarantee for each phase can be periodically reduced by the Village Clerk upon recommendation of the Village Engineer and approval by the Village Board.
1. The subdivider may submit to the Village Engineer a list of completed items and their cost along with copies of waivers of lien for the completed items. Upon review of these submittals, the Village Engineer shall recommend to the Village Clerk the reduction in the value of the financial guarantee to be approved. Each reduction shall not be more than the value of items estimated in the financial guarantee amount.
2. 20 The 20 percent contingency shall be held as retainage and shall not be released until substantial completion of the public improvements. Substantial completion is defined as the time the binder course (the asphalt or concrete non-surface-level course that is attached to the packed-level gravel course) is installed on roads to be dedicated, or, if there is no road to be dedicated, at the time that 90 percent of the public improvements by cost are completed. Upon substantial completion, the amount of the financial guarantee shall be reduced to the amount to complete any uncompleted public improvements plus 10 percent of the total cost of the completed public improvements, which shall remain in place for at least 14 months after the date of substantial completion. The public improvements shall be completed in their entirety no later than 12 months after substantial completion and tendered to the Village for acceptance. Upon acceptance of the project and receipt of the five percent maintenance financial security as specified in section 30-92, the original financial guarantee shall be released. If the work has not been completed in its entirety 12 months after substantial completion, the Village may declare the Developer to be in default of the Development Agreement and use the financial guarantee and financial security for completion of the public improvements.
B. RESERVATION OF ASSESSMENT RIGHTS. In the event that any financial guarantee does not provide sufficient funds to complete the public improvements as provided herein, or the financial guarantee expires, or the Developer does not repair or replace defects in the public improvements during the guarantee period, in addition to the remedies for default provided to the Village by the financial guarantee, the Village reserves the right without notice or hearing to impose special assessments or charges for any amount to which it is entitled by virtue of the Agreement upon the Development and/or individual parcels in the Development. Such special assessments or charges shall be collected on the next succeeding tax roll as are other special assessments or charges. This provision shall be included in the development agreement and the signature of the developer shall constitute the waiver of notice and consent of Developer and its successors and assigns to all special assessment or special charge proceedings which may be required by law.
(Ord. 2018-6, passed 10-8-2018)
Notes
| 19 | 19 Amended 12-8-2014, Ordinance #2014-6 |
| 20 | 20 Amended 8-6-18, Ordinance #2018-5 |