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 performance 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 §
158-24B, 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. Performance bond.
(1) If the subdivider is required to post a performance
bond to insure the completion of required improvements, he shall file
with the Village Clerk a performance 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.
(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 performance bond, the subdivider and the bonding company
shall be severally and jointly liable for completing said improvements
to the satisfaction of the Board.
D. Failure to complete improvements. For subdivisions
for which no performance 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 performance bond has been posted and required
improvements have not been completed within the term of such bond,
the Village Trustees may thereupon declare said performance bond to
be in default.