A performance bond is posted by the subdivider
to guarantee to the Village that he will faithfully construct or cause
to be constructed the required public improvements which were an integral
part of his approved final plat and, further, that the construction
shall be completed within a reasonable period of time.
A.
The amount of the performance bond will be based on the Village Engineer's estimate of the total cost of the required capital improvements (§ 97-27A), plus a reasonable estimate of anticipated increased construction costs during the life period of the bond.
B.
The Planning Board shall pass a resolution either
approving or modifying the performance bond estimate as recommended
by the Village Engineer.
C.
The subdivider shall present his performance bond
to the Village Attorney for review as to form and sufficiency.
D.
The Village Attorney shall arrange to have the performance
bond placed before a Village Board meeting.
E.
The Village Board shall approve or disapprove the
performance bond as presented by the Village Attorney. If the performance
bond is approved, it shall be filed with the Village Clerk, and the
Village Clerk shall notify the Planning Board of the Village Board's
action.
F.
The Chairman or Secretary of the Planning Board shall
not sign a final plat until notification by the Village Clerk of the
Village Board's approval of the performance bond.
G.
After construction of the public improvements covered
by the performance bond and prior to the release of the bond, the
subdivider shall prepare a set of the approved drainage plans and
street profiles amended to indicate as-constructed information. The
subdivider then may apply to the Village Engineer for a final inspection
of the work. When the work has been completed to the satisfaction
of the Village Engineer, he shall recommend to the Village Board that
the performance bond be released.
A.
At the time of the release of the performance bond,
a maintenance bond shall be furnished by the developer to guarantee
the upkeep and the workmanship and materials of all required improvements
for a period of one year from the date of the release of the performance
bond by the Village. This bond shall be in an amount which is 1/3
of the performance bond estimate. If the improvements are not taken
over by the Village, an annual maintenance bond shall be required,
annually updated and running until the improvements are dedicated
to the Village. The amount of this bond shall be determined by the
Village Engineer.
B.
Where dedication of required improvements has not
been accepted by the Village Board, maintenance inspection shall be
made annually by the Village Engineer. In the event that such required
improvements are not maintained according to Highway Department specifications,
the Village Engineer shall recommend to the Planning Board that such
maintenance bond be declared in default and the offer of dedication
be accepted by the Village Board.
A.
If the term of the performance bond will expire prior
to the completion of the public improvements, the Village Engineer
shall recommend to the Planning Board either that the term of the
bond be extended to permit completion of the work by the subdivider
or that the bond be declared in default. The Planning Board shall
advise the Village Board by resolution if its recommendation is for
default of the bond. The Village Board shall act on the release of
or declaration of default on the performance bond.
B.
The performance bond shall have a term of not more
than two years. The term of a performance bond may be extended by
the Planning Board. When such an extension is granted, it may be required
that the performance bond estimate be increased to take into consideration
changes in construction costs in order to carry out the required capital
improvements.
