(A) The applicant will submit a detailed accounting of all improvements to be completed. This detailed accounting will include the exact amount of work to be done on each specific improvement. The Village Engineer will approve the scope of improvements to be completed and estimate the cost of completing each improvement. The village will determine the amount of the required surety and submit the estimated cost of completing all improvements to the applicant. The performance and maintenance guarantee will be in an amount not less than 100% of the cost of installation of improvements. The performance guarantee will be written so that each individual improvement and all conditions and agreements are covered.
(B) The performance guarantee must be approved by the village as to form, sufficiency, and execution. The performance guarantee will run for a fixed term of not less than one year. However, the village may extend the term of such performance guarantees for an additional one-year period.
(Prior Code, § 154.267) (Ord. 48, passed 6-21-2005)