(a) Review Fees. Fees and escrow account payments shall be sufficient to administrative and technical review costs anticipated to be incurred by the Village.
(1) All expenses and costs incurred by the Village directly associated with processing, reviewing and approving or denying stormwater management plan application shall be paid to the Village from the funds in an escrow account established by the applicant and held by the Village.
(2) The Village may draw funds from an applicant’s escrow account to reimburse the Village for out-of-pocket expenses incurred by the Village relating to the application. Such reimbursable expenses include, but are not limited to, expenses related to the following:
A. Services of the Village Attorney directly related to the application.
B. Services of the Village Engineer directly related to the application.
C. Services of other independent contractors or consultants working for the Village, which are directly related to the application.
D. Any additional public hearings, required mailings and legal notice requirements necessitated by the application.
(3) At the time an applicant applies for approval of a stormwater management plan, the applicant shall deposit with the Village Clerk, as an escrow deposit, an initial amount equal to 6% of the estimated cost of constructing the proposed stormwater management plan improvements as submitted by the applicant and reviewed and approved by the Village Engineer unless the Village determines that a greater amount is appropriate, in which case the basis for such determination shall be provided to the applicant in writing. Any excess funds remaining in the escrow account after the application has been fully processed, reviewed, and the final Village approval and acceptance of the earth change has occurred will be refunded to the applicant with no interest to be paid on those funds. Additional amounts may be required to be placed in the escrow account by the applicant, at the discretion of the Village.
(4) Construction observation fees shall be equal to 2% of the cost estimate, which shall be submitted prior to the start of construction and approved by the Village as noted above. Any excess funds remaining in the escrow account after the application has been fully processed, reviewed, and the final Village approval and acceptance of the earth change has occurred will be refunded to the applicant with no interest to be paid on those funds. Additional amounts may be required to be placed in the escrow account by the applicant, at the discretion of the Village.
(b) Performance Guarantees. The Village shall not approve a stormwater management plan until the applicant submits to the Village, in a form and amount satisfactory to the Village, an irrevocable letter of credit or other similar financial guarantee for the timely and satisfactory construction of all stormwater facilities in accordance with the approved stormwater management plan. The amount of the financial guarantee shall be equal to the estimated cost of constructing the improvements, approved by the Village as noted above. Upon designation by the Village Engineer that the stormwater facilities appear to have been completed in general accordance with the approved stormwater management plan, the Village may release the irrevocable letter of credit, subject to final Village acceptance and approval. The Village shall retain not less than 10% of the original face value of the irrevocable letter of credit for a period of one year and one day after the Village Engineer’s designation noted above. The purpose of this retainage is to guarantee that the stormwater facilities perform as designed. This chapter shall not be construed or interpreted as relieving an applicant of its obligation to pay all costs associated with onsite private stormwater facilities as well as those costs arising from the need to make other drainage improvements in order to reduce an earth change’s impact to property owners and watercourses.
(Ord. 154. Passed 10-12-11.)