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 §
245-25B, 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 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. Where the Board deems necessary,
an escrow deposit may be required.
(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.