(a) If a Comprehensive Storm Water Management Plan is required by this regulation, soil-disturbing activities shall not be permitted until a cash bond of 5% of the total project cost, has been deposited with the Village Finance Department. This bond shall be posted for the Village to perform the obligations otherwise to be performed by the owner of the development area as stated in this regulation and to allow all work to be performed as needed in the event that the applicant fails to comply with the provisions of this regulation.
(b) The stormwater bond will be returned, less Village administrative fees as detailed in the Village's Codified Ordinances, when the following three criteria are met:
(1) After 80% of the lots of the project have been complete or 100% of the total project has been permanently stabilized or three (3) years from the time of permanent stabilization have passed.
(2) An As-Built inspection of all stormwater control measures as described in Chapter 1486.12 is approved by the Village Engineer.
(3) An Inspection and Maintenance Plan has been approved by the Village and an Inspection and Maintenance Agreement has been signed by the developer, the contractor, the Village, and the private owner or homeowners association who will take long term responsibility for these SCMs, is accepted by the Village Engineer.
(c) Once these criteria are met, the applicant shall be reimbursed all bond monies that were not used for any part of the project. If all of these criteria are not met after three (3) years of permanent stabilization of the site, the Village may use the bond monies to fix any outstanding issues with all storm water management structures on the site and the remainder of the bond shall be given to the private lot owner/homeowners association for the purpose of long term maintenance of the project.
(Ord. 2016-40. Passed 12-12-16.)