In order that the Village has the assurance
that the construction and installation of such improvements as storm
sewer, public water supply, street signs, sidewalk and street surfacing
will be constructed, the subdivider shall enter into one of the following
agreements with the Village. The subdivider shall:
A.
Construct all improvements directly affecting the
subdivision as required by these regulations and by the Planning Board
prior to final approval of the plat;
[Amended 1-8-2007 by L.L. No. 2-2007]
B.
In lieu of the completion of the improvements, furnish
bond executed by a surety company equal to the cost of construction
of such improvements as shown on the plans and based on an estimate
furnished by the Village Engineer; or
C.
In lieu of the completion of improvements, deposit
a certified check in sufficient amount equal to the cost of construction
of such improvements as shown on the plat and based on an estimate
furnished by the Village Engineer.
A.
Before the final plat is approved, the subdivider
shall have executed a subdivider's contract with the Village, and
a performance bond or certified check shall have been deposited covering
the estimated cost of the required improvements.
B.
The performance bond or certified check shall be to
the Village and shall provide that the subdivider, his or her heirs,
successors and assigns, and their agent or servants, will comply with
all applicable terms, conditions, provisions, and requirements of
these regulations and will faithfully perform and complete the work
of constructing and installing such facilities or improvements in
accordance with such laws and regulations.
C.
Before said bond is accepted it shall be approved
by the Village Attorney as to the adequacy of such bond.
If the construction or installation of any improvements
or facilities, for which guarantee has been made by the subdivider
in the form of a bond or certified check deposit, is not completed
within one year from the date of approval of the final plat, the subdivider
may request an extension of time, provided he or she can show reasonable
cause for inability to perform said improvements within the required
time. The extension shall not exceed six months, at the end of which
time the Village shall use as much of the bond or check deposit to
construct the improvements as may be necessary. The same shall apply
whenever construction of improvements is not performed in accordance
with applicable standards and specifications.
When a certified check or performance bond is
made pursuant to the preceding sections, the Village and the subdivider
shall enter into a written agreement itemizing the schedule of improvements
in sequence with the cost opposite each phase of construction or installation,
provided that each cost as listed may be repaid to the subdivider
upon completion and approval after inspection of such improvement
or installation. However, 10% of the check deposit or performance
bond shall not be repaid to the subdivider until all construction
and installation covered by the check deposit or performance bond
as outlined in the subdivider's contract is completed, inspected and
accepted by the Village.
[Amended 1-8-2007 by L.L. No. 2-2007]
Periodic inspections during the installation
of improvements shall be made by the Village Engineer to insure conformity
with the approved plans and specifications as contained in the subdivider's
contract and these regulations. The subdivider shall notify the Village
Engineer when each phase of improvements is ready for inspection.
Upon acceptable completion of installation and improvement, the Planning
Board shall issue a letter to the subdivider or his or her representative
and such letter shall be sufficient evidence for the release by the
Village of the portion of the performance bond or check deposit as
designated in the subdivider's contract to cover the cost of such
completed work.
[Amended 1-8-2007 by L.L. No. 2-2007]
When the Village Engineer, following final inspection
of the subdivision, certifies to the Planning board and the Village
Board that all installation and improvements have been completed in
accordance with the subdivider's contract, the Village Board may proceed
to accept the facilities for which bond has been posted or check deposited.
