The requirements of this section shall be complied with prior to final plat approval.
A. Action By Subdivider: Prior to the filing of an application for final plat approval, the subdivider shall submit the following to the village clerk:
1. Subdivision Improvement Agreement: A completed executed subdivision improvement agreement. Said subdivision improvement agreement shall be in the form as the president and board of trustees may from time to time prescribe, a copy of which is on file with the village clerk. The village president and clerk are hereby authorized to execute all properly completed executed subdivision improvement agreements submitted to the village once such agreements are approved by motion of the president and board of trustees of the village.
2. Letter Of Credit: Subdivider may present to the village an irrevocable, unconditional letter of credit naming the village as beneficiary thereto as security for the guarantee of improvements. Said letter of credit shall be issued by a sound and reputable banking or financial institution authorized to do business in the state of Illinois. Said letter of credit shall be in effect for the length of time required to complete the required subdivision improvements and shall be automatically renewable unless the expiration or reduction is specifically approved by the village finance director. The letter of credit shall be in the amount that is prescribed in the subdivision improvement agreement or as determined by the village engineer. The letter of credit shall be established prior to the beginning of any construction on the site. The letter of credit shall be in a form acceptable to the village finance director. The letter of credit shall include a provision of automatic renewal unless otherwise authorized by the village board.
3. Requirements: Letters of credit shall cover and shall be in an amount which represents one hundred twenty five percent (125%) of the total of the following items:
a. | Earth excavation | 100% of improvement cost |
b. | Sanitary sewer, water main storm sewers and services | 100% of improvement cost |
c. | Pavement | 100% of improvement cost |
d. | Curb and gutter | 100% of improvement cost |
e. | Sidewalk | 100% of improvement cost |
f. | Streetlights | 100% of improvement cost |
g. | Parkway landscaping | 100% of improvement cost |
h. | Parkway trees and special landscaping | 100% of improvement cost |
i. | Street signs | 100% of improvement cost |
j. | Topsoil return on and off lots | 100% of improvement cost |
k. | Sodding on and off lots | 100% of improvement cost |
l. | Retaining walls | 100% of improvement cost |
m. | Nuisance abatement | 5% of total letter of credit |
n. | Wetland mitigation | 100% of improvement cost |
o. | All off site improvements | 100% of improvement cost |
p. | PUD landscaping | 100% of improvement cost |
4. Surety Bond: A surety bond from an institution and in a form acceptable to the village finance director may be submitted as security for the guarantee of improvements. The surety bond shall include a provision of automatic renewal unless authorized to expire in a resolution passed by the village board. The institution issuing the bond must agree to honor any and all drafts within ten (10) days of any demand by the village. The developer shall indemnify the village for all costs associated with demands on the surety bond. If a surety bond is submitted as security for the guarantee of improvements, no work on the site shall be allowed until after the village board has given final approval of the project. The bond amount is to be calculated in accordance with the letter of credit calculations itemized in subsection A3 of this section.
5. Cash Deposit: A cash deposit may be substituted for a letter of credit or surety bond as security for the guarantee of improvements.
B. Inspection Fee: Engineering inspection fee of two and one-half percent (2.5%) of the total amount of the letter of credit.
C. Action By Village Clerk: The village clerk shall not certify the approval of the president and board of trustees on the final plat until the requirements of this section have been met.
D. Subdivisions Outside Corporate Limits: A subdivision improvement agreement, as put forth in this section, shall not be required for subdivisions located in the unincorporated areas within one and one-half (11/2) miles beyond the village limits when there is evidence that an agreement has been entered into between the owner or subdivider and Cook County, except that when the village's design standards for public improvements are more restrictive than Cook County design standards, the village may require the owner or subdivider to comply with the provisions of this section.
E. Letter Of Credit; Cash Deposit; Surety Bonds After Acceptance: A letter of credit, cash deposit or surety bond shall be required of any person who constructs a building(s) located within a subdivision. This letter of credit, cash deposit or surety bond shall be in an amount and in a form recommended by the director of public works and approved by the president and board of trustees. This letter of credit, cash deposit or surety bond shall be to cover the cost of repair to any existing improvements damaged by said construction and to secure the installation of any required improvements.
F. Reduction In Security For Guarantee Of Improvements: A letter of credit or cash deposit may be reduced upon certification by the director of public works and the village manager that the cost to complete the improvements is not greater than the reduced amount. In no case shall the letter of credit or cash deposit be reduced below thirty percent (30%) of the original amount. After two (2) years, the letter of credit must be recalculated and one hundred fifteen percent (115%) of the cost to complete must be posted. This amount cannot be less than thirty percent (30%) of the original amount. The design engineer shall certify, prior to any reduction, that all improvements covered by the reduction have been completed in accordance with this code. If a surety bond is used as a guarantee of completion, no reductions in the bond amount shall be allowed until the commencement of the two (2) year guarantee period. (Ord. 2010-27, 12-2-2010)