[Ord. No. 165 § 200.50, 9-15-1997; Ord. No. 601 § 1, 11-16-2009]
A. Whenever an applicant files an application for a site to be developed, and the site is to be subdivided into two (2) or more individual lots, the applicant shall submit a proposed trust indenture as to all the land within the site. Such trust indenture shall be reviewed and approved by the City Attorney for compliance with this Section. Such trust indenture shall be recorded with the Recorder of Deeds prior to the issuance of any building permit or site improvement permit. Any amendments to an existing trust indenture that pertain to the subjects set forth herein shall also be reviewed and approved by the City Attorney.
B. Any trust indenture for a residential subdivision shall provide for a Board of Trustees to be selected by the owners of the site in an equitable manner. Representation of purchasers of recorded lots in the subdivision among trustees shall be provided in the trust indenture as follows:
1. One-third (1/3) of the trustees shall be chosen by purchasers of recorded lots after fifty percent (50%) of the lots have been sold.
2. Two-thirds (2/3) of the trustees shall be chosen by purchasers of recorded lots after seventy-five percent (75%) of the lots have been sold.
3. All of the trustees shall be chosen by the purchasers of recorded lots after all the lots have been sold.
C. Maintenance And General Assessment. For all subdivisions, the trust indentures shall provide for the maintenance of all private streets, common areas, water retention or detention facilities, private street paving, private stormwater facilities, turnaround islands, street lights, sidewalks, entrance monuments, and any other areas or structures for the common use of the tenants, and to provide restrictions as to lot usage. Where applicable, trust indentures shall provide an equitable means of assessment against each lot within such subdivision or tract for the construction, maintenance, and reconstruction of land or common property, with the exception of lands dedicated to public use, to ensure that the above-described areas and structures shall be maintained in compliance with the ordinances of the City and in such manner that such areas and structures will remain attractive and useful to the owners and tenants of the property within such site, and shall not be injurious to the health, safety and welfare of residents of surrounding areas, or be detrimental to property values of land and improvements within the site or in surrounding areas.
D. Special Assessment For Stormwater Control And Quality. For each subdivision of a site into two (2) or more individual lots, which subdivision was or is to be approved after enactment of this Subdivision Code, the trust indenture shall provide for a separate annual assessment in the sum of at least one hundred dollars ($100.00) per lot, per year in the same manner as the general assessment. The special annual assessment shall be used exclusively for the purpose of repairing, operating, maintaining and establishing appropriate reserves for repairing, operating and maintaining the stormwater control and water quality facilities and easements, including all underground and above ground facilities, pipes and detention facilities used in connection therewith, and access easements (all referred to herein as "stormwater control facilities and easements"). Said special assessment shall be levied until the earlier of the collection of the sum of ten thousand dollars ($10,000.00) (hereinafter, the "Stormwater Fund") or the acceptance by the Metropolitan Sewer District of the stormwater control facilities and easements for the maintenance of the stormwater improvements located therein. Thereafter no special assessments shall be levied until and if MSD does not accept maintenance and the Stormwater Fund falls below the sum of ten thousand dollars ($10,000.00) at which time special assessments will resume until the Stormwater Fund reaches ten thousand dollars ($10,000.00) at which amount it shall be maintained.
E. The trust indenture shall provide:
1. That the conveyance or change of ownership or lease of any part of such site shall be subject to the terms of this Chapter and the trust indenture.
2. That annually, by January fifteenth (15th) of each year, the Board of Trustees shall submit to the City a current list of trustees, with each trustee's name, address, and telephone number.
3. That the Board of Trustees shall notify the City within thirty (30) days of any change in the membership of the Board of Trustees.
4. That no right or power conferred on the trustees by such trust indenture to comply with the provisions of this Chapter may be abrogated.
5. That the trustees or other persons charged with the responsibility for the ownership and control of property within the subdivision are vested with the power to dedicate streets, easements, right-of-way and other property interests to a public body.
6. That the subdivider is prohibited from assessing lot owners for items or matters that are within the required installation of the subdivision.
7. The location of any permanent open space areas within the subdivision.