In order that the Village has the assurance
that the construction and installation of such improvements and infrastructures
as storm sewers, water supply, sewage disposal, landscaping, road
signs, sidewalks, parking, parks, playgrounds, access facilities and
road surfacing will be constructed, the Planning Board shall require
that the applicant complete said improvements before final approval
is granted or that the applicant shall enter into one of the following
agreements with the Village:
A.
The applicant shall furnish a bond, executed by a
surety company, equal to the cost of construction of such improvements
as shown on the plans and based on an estimate furnished by the Village
Engineer and approved by the Planning Board. Such bond shall require
the approval of the Board of Trustees and the Village Attorney as
to form, sufficiency, manner of execution and surety. The term of
the performance bond shall be three years and may be extended by the
Planning Board with the consent of the parties thereto.
B.
In lieu of the bond, the applicant may deposit cash,
a certified check, an irrevocable bank letter of credit, a certificate
of deposit or other forms of financial security acceptable to the
Village. Acceptable substitutes, if furnished, shall be kept on deposit
with the Village for the duration of the bond period.
In order that the Village has the assurance
that the improvements mentioned above function properly for a reasonable
period, the applicant shall enter into an agreement with the Village
upon completion of the work required under the installation guaranty
so that:
A.
Such work is guaranteed for a minimum of two years
after it is completed and inspected.
B.
Such work is guaranteed for a minimum of 10% of the
total improvement costs of $5,000, whichever is greater. The method
of providing the maintenance guaranty shall meet the approval of the
Village Board and the Village Attorney.
Installation and maintenance guaranties to the
Village shall provide that the subdivider, his heirs, successors and
assigns and their agents and servants will comply with all applicable
terms, conditions, provisions and requirements of this chapter and
will faithfully perform and complete the work of constructing and
installing such facilities or improvements in accordance with such
laws and regulations. Any such guaranties shall require the approval
of the Village Board and the Village Attorney as to form, sufficiency,
manner of execution and surety, and the same shall be made payable
to the Village.
The construction or installation of any improvements
or facilities, other than roads, for which guaranty has been made
by the subdivider in the form of a bond or certified check deposit
shall be completed within one year from the date of approval of the
final plan. Road improvements shall be completed within two years
from the date of approval of the final plat. The subdivider may request
an extension of time, provided that he can show reasonable cause for
inability to perform said improvements within the required time. The
extension shall not exceed six months, at the end of which time the
Village may use as much of the bond or check deposit to construct
the improvements as necessary. The same shall apply whenever construction
of improvements is not performed in accordance with applicable standards
and specifications. There shall be no extension of time given unless
and until the bond, letter of credit or other approved financial security
shall be extended as well, and proof of such extension shall be provided
to the Village Board prior to granting an extension.
When installation guaranties are made pursuant to § 132-33, the Village and subdivider shall enter into a written agreement itemizing the schedule of improvements in sequence. Each cost, as listed, may be repaid to the subdivider upon completion and approval after inspection of such improvement or installation.
Upon approval by the Village Board, the Planning
Board, after due notice and public hearing, may modify its requirements
for any or all improvements, and the face value of the installation
guaranty shall thereupon be increased or reduced by an appropriate
amount so that the new face value will cover the cost in full of the
amended list of improvements required by the Planning Board and any
security deposited with the installation guaranty may be increased
or reduced proportionately.
Periodic inspections during the installation
of improvements shall be made by the Subdivision Inspector or the
Village Engineer to ensure conformity with the approved plans and
specifications as contained in the subdivider's agreement and this
chapter. The subdivider shall notify the Subdivision Inspector when
each phase of improvements is ready for inspection. At least five
days prior to commencing construction of required improvements, the
subdivider shall notify, in writing, both the Village Engineer and
the Subdivision Inspector of his intent to commence construction of
the improvements. Upon acceptable completion of installation and improvement,
the Village Engineer shall issue a letter to the subdivider or his
representative certifying the completion of such work.
When the Village Department of Public Works
Superintendent and the Village Engineer, following final inspection
of the improvements, certify to the Village Board that all installations
and improvements have been completed in accordance with the contract,
the Village Board may, by resolution, proceed to accept the facilities
to be dedicated to the Village for which installation and maintenance
guaranties have been provided.
