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 §
162-24B, 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.