Prior to the granting of approval of the final plat the subdivider shall have installed the required improvements, or shall have furnished a performance bond or certified check to the Village for the amount of the estimated construction cost of the installation of the improvements as approved by the Village Engineer. The Village has the right to determine the kind of surety that will be accepted. Before the bond, certified check is accepted, it shall be approved by the Village Council and their legal counsel. The term of the bond or certified check shall extend twelve (12) months beyond the completion date of the project unless released prior thereto by the Village Council. A completion date shall be established by the subdivider and approved by the Village Council. The period of time stipulated shall not exceed two (2) years from the date of the final plat approval unless an extension is requested in writing by the subdivider and granted in writing by the Village Council. The completion date shall be stated in the bond, certified check or letter of credit.
(Ord. 2021-17. Passed 9-8-21.)