A. Guarantee Of Improvements: Before a final plat is approved by the board of trustees, the subdivider shall submit an undertaking in lieu of completion bond (see section 10-7-1 of this title, appendix I) and irrevocable financial commitment (see section 10-7-2 of this title, appendix II) to assure the following:
1. The subdivider shall pay for the cost of all improvements required in the subdivision.
2. Guaranteed completion of the required improvements within a two (2) year period.
3. Payment by the subdivider for all costs incurred by the village for review and inspection. This would include review of plans and specifications by the village engineer, planner, and attorney, as well as other costs of a similar nature and construction inspection of public improvements.
4. To pay the cost of maintaining the subdivision improvements for a period of one year after acceptance. (1999 Code § 10.03)
5. The cash escrow or letter of credit shall be equal to one hundred twenty five percent (125%) of the village engineer's estimated cost of the required improvements. (1999 Code § 10.03; amd. 2005 Code)
6. Payment and discharge all claims made by any third party arising out of the installation and construction of the public improvements; all such claims must be paid prior to village acceptance of the public improvements; provided, however, that if the subdivider has insurance coverage in sufficient amounts to pay such claims and the subdivider files with the village the insurance company's letter indicating that they acknowledge coverage and accept defense of the claim and that the limits of the policy are satisfactory to pay the claim if judgment is entered in favor of said third party, the village may, in its discretion, accept the public improvements.
7. Any other customary expenses of the developer in meeting any requirements of the village pertaining to the subdivision including, but not limited to, reasonable attorney fees incurred by the village in drafting, administering, and enforcing the subdivision improvement deposit agreement.
B. Refunding Deposit: After completion and acceptance of the subdivision improvements, the village will authorize the refund of any residue remaining except for ten percent (10%) of the original deposit or the amount stipulated in the escrow agreement. The retained amount shall be used for maintenance of the improvements for a period of one year after the date of acceptance, and then any balance remaining will be refunded.
C. Insurance Requirements:
1. The subdivider shall secure and maintain such insurance from an insurance company authorized to write casualty insurance in the state where the work is located as will protect himself, his subcontractors, the village and the village engineer and his employees from claims for bodily injury, death or property damage which may arise from subdividing the property. The subdivider shall not commence work until he has obtained all insurance required under this subsection C1 and shall have filed the certificate of insurance or the certified copy of the insurance policy with the village.
2. Each insurance policy shall contain a clause providing that it shall not be canceled by the insurance company without ten (10) days' written notice to the village of intention to cancel. The amount of such insurance shall not be less than the following:
a. Workers' Compensation And Employer's Liability: Workers' compensation and employer's liability insurance shall be secured and maintained as required by the state.
b. Public Liability, Bodily Injury, And Property Damage:
Injury or death of 1 person | $1,000,000.00 | |
Injury to more than 1 person in a single accident | 1,500,000.00 | |
Property damage | 500,000.00 |
c. Automobile And Truck Public Liability, Bodily Injury And Property Damage:
Injury or death of 1 person | $ 500,000.00 | |
Injury to more than 1 person in a single accident | 1,000,000.00 | |
Property damage | 250,000.00 |
d. Umbrella Liability Coverage: An amount not less than three million dollars ($3,000,000.00).
D. Indemnity: The subdivider shall indemnify and save harmless the village and the village engineer and his employees from and against all losses and all claims, demands, payments, suits, actions, recoveries, and judgments of every nature and description brought or recovered against him by reason of any omission or act of the subdivider, his agents or employees in the execution of the work or in the guarding of it. The subdivider shall obtain in the name of the village and shall maintain and pay the premiums for such insurance in such amount and with such provisions as will protect the village from contingent liability, and a copy of such insurance policy or policies shall be delivered to the village. Full compliance by the village with the terms and provisions of such insurance policy or policies shall be a condition precedent to the village's right to enforce against the subdivider any provisions of this chapter. (1999 Code § 10.03)