[Amended 9-19-2000 by L.L. No. 1-2000]
Pursuant to § 7-730 of the Village Law, before the approval
by the Board of a plat or the development of a plat entirely or partially
undeveloped, the Board, in its discretion, shall require the subdivider to
complete the installation, or alternatively to furnish a bond to insure the
completion, of all necessary improvements stipulated in said law and required
by the Board. All required improvements shall be made by the subdivider at
his expense, without reimbursement by the village. The subdivider shall give
to the village a written agreement, in form satisfactory to the Village Attorney,
permitting entrance by the appropriate village officials and employees to
the land included within the subdivision for the purposes of inspection and
for the purposes of installing the required improvements in the event of the
failure or default of the subdivider to make or complete such improvements
as required by the Board resolution.
All required improvements shall be installed in accordance with approved
construction plans and shall conform to the village construction standards
and specifications and shall be approved by the Engineer as to design and
specifications. A booklet containing the village construction standards and
specifications is available at the office of the Village Clerk.
With respect to required improvements, the subdivider shall follow the
procedure set forth in either Subsection A or B below, as shall be prescribed
by the Board.
A. Completion of improvements. The subdivider shall complete all required improvements to the satisfaction of the Board before the Board signs the plat and before any building permits will be issued. The subdivider shall file with the village a bond in an amount determined by the Board to be adequate to assure the preservation of existing topographic and natural assets, pursuant to §
180-24B, as well as the satisfactory condition of the subdivision improvements for a period of one year following their completion. Such bond shall be satisfactory to the Village Attorney as to form, sufficiency and manner of execution and to the Village Board as to surety. Such bond shall be released only by the Board of Trustees when all requirements have been satisfactorily met.
B. Bond.
(1) If the subdivider is required to post a bond to insure
the completion of required improvements, he shall file with the Village Clerk
a bond to cover the cost of required improvements in an amount set by the
Board. Such bond shall comply with the requirements of § 7-730 of
the Village Law and shall be satisfactory to the Village Attorney as to form,
sufficiency and manner of execution and to the Board as to the surety.
[Amended 9-19-2000 by L.L. No. 1-2000]
(2) A period of one year, or such other period as the Board
may deem appropriate, not to exceed three years, within which required improvements
must be completed shall be set forth in the bond.
(3) The bond surety may be in cash or partly in cash and
partly guaranteed by a surety company acceptable to the Board, but in the
latter case not less than 25% shall be in cash. The cash surety shall become
immediately available to the village on the date when improvements are required
to be completed for application toward the completion of such required improvements
as have not been completed on said date. The bond shall provide that an amount
in cash, deemed adequate by the Board, shall be retained for a period of one
year from the date of completion of the required improvements.
(4) All required improvements shall be completed to the satisfaction
of the Engineer and the Board within the time stipulated in the Board's
resolution. The bond shall be released only by the Board of Trustees when
all required improvements have been completed to its satisfaction.
C. Subdivider's responsibility. If the Engineer or
other authorized inspector finds, upon inspection, that any of the required
improvements have not been constructed in accordance with approved construction
plans and the village standards and specifications, the subdivider shall be
responsible for the completion of such improvements to the satisfaction of
the Board. Wherever the cost of improvements is covered by a bond, the subdivider
and the bonding company shall be severally and jointly liable for completing
said improvements to the satisfaction of the Board.
[Amended 9-19-2000 by L.L. No. 1-2000]
D. Failure to complete improvements. For subdivisions for
which no bond has been posted, if the improvements are not completed within
the period specified by the Board in its resolution approving the plat, the
approval shall be deemed to have expired. In cases where a bond has been posted
and required improvements have not been completed within the term of such
bond, the Village Trustees may thereupon declare said bond to be in default.
[Amended 9-19-2000 by L.L. No. 1-2000]