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Construction
Methods of completing construction.
The applicant/owner shall not install improvements prior to final approval. Prior to final approval the applicant/owner shall develop and submit a cost estimate for the improvements to be made as part of the subdivision as proposed. The Development Board shall review the estimates and modify as needed prior to consideration for acceptance. Upon acceptance and approval by the Development Board of the estimates as submitted a letter of credit or performance bond to cover the cost of improvements as described shall be submitted by the applicant/owner.

Construction costs within the public right-of-way.
The Development Board may require the establishment of a letter of credit which shall cover the cost of all improvements in the public ROW under the following procedure:
 
A. A detailed written estimate of all costs shall be provided to the Village. Costs shall reflect current values for the work and materials involved and shall be representative of actual cost to the Village to execute the work should the contractor or applicant/owner not complete the project. Cost estimates shall be reviewed by the Village Superintendent of Public Works and the Village Engineer.

B. The letter of credit shall include assurance of reimbursement of maintenance costs to the Village if needed prior to the expiration date of the letter of credit and an inflation factor if deemed appropriate.

C. The written approval of the Village Superintendent of Public Works and the Village Engineer of the plans and specifications for the new road and drainage system shall precede letter of credit acceptance.

D. The final amount of the letter of credit shall require the approval of the Board of Trustees;
E. The form of the letter of credit shall be acceptable to the Village.

F. Reduction of letter of credit.
(1) Various items of construction may be inspected and approved upon their completion and the amount of the letter of credit may be reduced, provided that it does not become less 20% of the original value of the letter of credit.

(2) The creation of a letter of credit (or continuance of the initial letter of credit) in an amount equal to 20% of the cost of the road construction shall be in effect until one year after the granting of final acceptance and subsequently shall be reduced to 10% for the second and final year. The twenty-percent to ten-percent two-year letter of credit shall be a single document accepted by the Board of Trustees prior to the acceptance of the road.

(3) When the top course is being deferred, a separate letter of credit for the full value of cleaning the binder course, tack coating and paving of the top course may be required by the Village. After the top course is installed and accepted, the twenty-percent to ten-percent two-year letter of credit may also be required for this top course work.
 
See Article XVII: Subdivision Regulations for complete, detailed information.