The Village Board shall not approve any final plat of subdivision
(and, hence, said final plat shall not be entitled to recording) until:
A. All improvements required in the improvement plan have been completed
by the subdivider/developer at his expense, inspected by the Administrator
and Engineer, and dedicated to the Village or other appropriate entity;
or
B. In accordance with the sections below, the subdivider/developer has
provided the Village with legal assurance to guarantee the satisfactory
completion and dedication of all required improvements.
At the option of the Village Board, the required legal assurance
may be either a performance bond or a bank letter of credit. Every
performance bond shall be reviewed by the Village Attorney and posted
with the Village Clerk.
The amount of the performance bond or escrow deposit shall be
equal to the Village Engineer's opinion of probable costs of constructing
the uncompleted portion of the required improvements plus all required
inspection fees. The developer's engineer shall prepare cost estimates
for review and approval by the Village Engineer. Any escrow deposit
may be in the form of an irrevocable letter of credit or commitment
from a lending institution guaranteeing to the Village the availability
of the escrow funds from time to time upon demand.
No person shall be eligible to act as surety unless he has been
approved by the Village Board. The Treasurer shall conduct or cause
to be conducted spot audits of all sureties. Any surety which fails
to perform shall be ineligible for two years thereafter to act as
surety for any subdivision improvement within the Village's jurisdiction.
The initial term of any performance bond or bank letter of credit shall not exceed two years. If all required improvements have not been completed by the end of the two-year period, the Administrator, with the advice and consent of the Village Board, may either extend said bond/bank letter of credit for one year only or may proceed as per §
300-25.