(A) After the Village Board has approved the final plat with respect to the above qualifications, the subdivider shall be so notified by the Zoning Administrator.
(B) Final approval and signature by the Mayor and the Zoning Administrator shall be contingent upon the receipt by the village of guarantee by the owner and/or subdivider to the village for the completion of all land improvements yet remaining to be installed within 60 days of the approval of the final plat.
(1) Deposit with the village a subdivider's bond in the amount of the estimated cost of the land improvements; the bond need never exceed one and one-half times the estimated cost of the improvements remaining to be completed.
(2) Deposit with the village, cash in the amount of the estimated cost of the land improvements; said amount of cash need never exceed one and one-half times the estimated cost of the improvements remaining to be completed. Subdivider shall execute "an undertaking in lieu of a bond" provided for in § 154.119 and an "irrevocable commitment" from a financial institution as provided for in § 154.119.
(3) Deposit with the village a lien to be recorded in the County Recorder's Office on all property being subdivided, with the provision that partial release may be obtained when the loaning company executes with the village an agreement to withhold one and one-half times the estimated cost of the land improvements yet remaining to be installed, in escrow, until such time as all land improvements have been completed and accepted by the village. All expenses incurred in determining the amounts apportioned against the land and the cost of releasing each lot or tract shall be paid by the subdivider.
(4) Deposit with the village other collateral equivalent to one and one-half times the estimated cost of land improvements yet remaining to be installed, the collateral to be approved by the Village Board.
(1994 Code, § 34-4-9)