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Prior to issuance of zoning or building permits, a cash performance bond or other acceptable financial guarantee shall be placed on deposit with the Village to ensure that site improvements, landscaping, surface drainage, sidewalks, etc. are installed in conformance with the approved site plan. The cash bond or guarantee shall be for the total construction cost estimate of the site improvements plus 10% of the estimate, in lieu of increased costs, and shall be for a period not to exceed two years, providing for the complete construction of the site improvements within that period. If the development is to be developed in stages, each stage shall have a separate financial guarantee.
(Ord. 2013-01. Passed 2-5-13.)