As a condition of final plat or CSM approval, the subdivider
shall enter into a public improvement agreement with the Village.
The public improvement agreement shall contain the following provisions:
A.
Estimated improvement costs. The itemized estimated cost of the public improvements noted under Article IX, Public Improvements, and also including but not limited to Village engineering and administrative costs, if applicable.
B.
Financial security for public improvements.
(1)
Cash escrow. The subdivider shall establish, prior to final CSM or plat approval, a cash escrow account for the benefit of the Village and in the name of the Village in an amount not less than 100% of the estimated costs of items listed under Article IX, Public Improvements, and also including but not limited to Village engineering and administrative costs, if applicable. The escrow instructions shall provide that the subdivider shall have no right to a return of any the funds except as authorized by the Village upon the completion of the improvements and that the escrow agent shall have a legal duty to deliver the escrowed funds to the Village upon receipt of written notice from the Village signed by the Village Administrator and attested to by the Village Clerk-Treasurer, whether or not the subdivider protests delivery of the funds. The escrow agent shall be acceptable to the Village.
(2)
Letter of credit. The subdivider may, in lieu of establishing a cash escrow account prior to the final plat approval, provide a letter of credit for the benefit of the Village and in the name of the Village in an amount not less than 100% of the estimated costs of items listed under Article IX, Public Improvements, and also including but not limited to Village engineering and administrative costs, if applicable. The letter of credit shall be irrevocable, for a term sufficient to cover completion of the improvements, and require only that the Village present the credit with a sight draft and written notice signed by the Village Administrator and attested to by the Village Clerk-Treasurer of the Village's right to draw funds under the credit. The issuer of the letter of credit shall be acceptable to the Village.
Final street pavement shall not be installed until 50% of the lots in the land division or subdivision have been developed or three years from the date of the final plat approval or upon order of the Village, whichever comes first. The subdivider shall provide, prior to CSM or final plat approval, a separate cash escrow account or letter of credit as provided in § 24-55B(1) or (2) above for final pavement in an amount not less than 125% of the estimated cost for final pavement.
