State of Illinois )
) SS
County of DeKalb )
Whereas the Statutes of the State of Illinois grant to a municipal corporation the right to require that a developer constructing certain improvements within the community guarantee the construction of such improvements by a Completion Bond or other security acceptable to the community; and
Whereas, _______________________________ desires to construct a (residential) (commercial) (industrial) development within the Village of Waterman, Illinois and that said municipality is willing to accept the nature of an irrevocable commitment in lieu of such Completion Bond.
Now, Therefore, are the following representations made by the owner and/or developer to the Village of Waterman:
1) That _______________________________ is the owner and/or developer of the property legally described in Clause 2 of this undertaking, and shall hereinafter be referred to as "Owner;" and, that the Village of Waterman shall hereinafter be referred to as "Village."
2) That the Owner is the legal title holder or developer of the following described property:
(Insert Legal Description of Property)
3) That the Owner shall be required to install at this own cost and expense all necessary materials, labor and equipment to complete the public and private improvements required by the ordinances of the village of Waterman, including but not limited to the installation of the following: streets, sidewalks, streetlights, street signs, sanitary sewers, storm sewers, detention and retention basins and storm drainage systems, water lines, common landscaping in common areas and grading and restoration. All improvements shall be in accordance with the standards, specifications and requirements of the Village of Waterman. In order to guarantee that such facilities will be installed, the Owner shall submit to the Village engineer such specifications and estimated engineering costs as shall be required to meet with his approval. In aiding the village engineer in determining the amount of reasonably anticipated costs for the construction of such improvements, the Owner may submit to the engineer signed contracts for the construction of such improvements. The Village engineer, upon determining that the design of the required improvements are in accordance with good engineering practices, shall estimate and certify an amount which shall represent one hundred twenty five percent (125%) of the reasonably estimated cost of completing those improvements and for which amount the municipality requires the posting of a completion guarantee.
4) That the Owner shall furnish qualified field supervision of the installation of all public improvements in the person of a professional engineer registered and licensed in the State of Illinois.
5) That the Owner shall not be entitled to the recording of the final plat or the issuance of Building permits until and unless said Owner shall submit to the Village an irrevocable financial commitment from a bank, savings and loan, or mortgage company approved by the Village in the amount certified by the Village engineer.
6) That the written irrevocable financial commitment shall be furnished to the Village from a banking or lending institution in the form marked "Appendix II" and appended to this Agreement.
7) That the Owner guarantees the workmanship of the public improvements to be installed upon the site for a period of one (1) year after their donation to the Village. Upon final completion of the public improvements the Owner shall execute a Bill of Sale for those items which are personal property and for maintenance. For a period of one (1) year after the granting of the Bill of Sale in the case of personal property and the acceptance for maintenance of any other public improvements all necessary repairs to such facilities shall be the responsibility of the Owner.
In Witness whereof _______________________________ has hereunto set his hand and seal this _____ day of _____________________, 20___ .
Owner (Signed)
Owner (Print)
Approved by the Village of Waterman this _______ day of _________________, 20____.
Village of Waterman (Signed)
(1999 Code ch. 10, appendix I)