At the time of the submission of the preliminary plat or proposed subdivision, the developer shall deposit with the Treasurer an amount of money as determined by Council, but which shall not be less than one thousand dollars ($1,000), to cover the cost and expense of such investigation as may be necessary to determine whether such proposed plat conforms to the requirements of this chapter. When the proposed subdivision does not include more than five lots, the amount to be deposited shall not be less than three hundred dollars ($300). The cost and expense of investigating the preliminary plat, the record map or dedication plat and any other accompanying plats shall be deducted from such deposit. If such expenditure exceeds the deposit, such excess shall be paid into the Village Treasury by the applicant prior to the approval of the plat or acceptance of the dedication. If the deposit exceeds the expenditure, the balance shall be refunded to the applicant.
At the time the plans and specifications for any improvements are submitted for approval, there shall be deposited with the Treasurer an amount of money as determined by Council, which shall not be less than two percent of the estimated cost of all improvements to be installed to cover the cost and expense of such investigation as may be necessary to determine whether such improvements conform to the requirements of this chapter and to cover the cost and expense of the inspection of the installation of the improvements. The cost and expense of such investigation and inspection shall be deducted from such deposit. If such expenditures exceed the deposit, the excess shall, upon demand, be paid forthwith into the Village Treasury. If the deposit exceeds the expenditure, the balance shall be refunded to the applicant.
(Ord. 77-3-4. Passed 3-15-77; Ord. 2017-3-14. Passed 3-7-17.)