A. The real estate development board shall not consider approval of the final plat unless and until the subdivider has guaranteed the completion of all required improvements within a reasonable period and in compliance with working drawings and specifications and has guaranteed to maintain said improvements until they are accepted by the village.
B. This guarantee shall be by one or a combination of one or more of three (3) methods. Only one method shall be applied to one specific improvement.
1. The subdivider may post a performance bond prepared in a form approved by the village attorney and underwritten by a surety company listed as approved by the board of trustees. The amount of the bond shall be not less than one hundred twenty five percent (125%) of the final estimate of cost of the improvement as estimated by the village engineer under section 6-5-11 of this chapter. There shall be no reduction in the amount of that portion of the bond applying to a particular improvement unless and until that improvement is complete and accepted or approved by the board of trustees. The subgrade, base course and surface course of a street, alley or parking area shall be considered as a single improvement from the standpoint of acceptance.
2. The subdivider may deposit a cash bond with the village in accordance with a specific escrow agreement approved by the village attorney and village engineer and in an amount not less than one hundred twenty five percent (125%) of the final estimate under section 6-5-11 of this chapter. The deposit shall be held in a special account by the village and the agreement may provide for partial payouts as work progresses in amount recommended by the village engineer and approved by the village attorney as corresponding to the original estimate of unit costs. Partial payouts shall be contingent upon favorable inspection reports, and the sum of partial payouts for a single improvement shall not exceed eighty five percent (85%) of the original deposit for the improvement until and unless the improvement is complete and accepted or approved by the board of trustees. The subgrade, base course and surface course of a street, alley or parking area shall be considered a single improvement from the standpoint of acceptance.
3. Upon specific permission of the board of trustees, as recommended by the real estate development board, the subdivider may elect to complete one or more improvements prior to approval of the final plat. Where the subdivider elects to guarantee completion of an improvement by this method, approval of the final plat shall be contingent upon certification by the village engineer that the improvement has been completed in accordance with drawings and specifications; that the inspection reports are favorable, and that guarantee has been provided to cover cost of maintenance of the improvement in accordance with section 6-5-11 of this chapter. (1970 Code §35.76)