HomeMy WebLinkAboutCAPITAL IMPROVEMENTS - 12/02/1980 - CAPITAL IMPROVEMENTS COMMITTEE
I
December 2, 1980
Members Present: Staff Present:
Michael Tosto Gary Parrin
Lee Garr Thomas Cech
Edward Hauser George Knickerbocker
The Committee reviewed with Staff a draft ordinance prepared
by the Village Attorney setting forth standards for Letters of Credit/
Guarantee and providing for a time of completion for certain public
improvements.
A new section (8.015) will be added to the Subdivision Control
Regulations that will accomplish the following:
- Prior to the construction of public improvements (and
after the approval of the final plat of subdivision) , the
developer must provide an irrevokable Letter of Credit or
Guarantee in an amount equal to 110% of the estimated
cost of all public improvements. Construction of public
improvements may not start until the final engineering
plans and irrevokable Letter of Credit or Guarantee have
been approved by the Village.
- A reduction in the amount of the Letter of Credit or
Guarantee may be reduced from time to time as improvements
are completed, provided, however, that the remaining
amount is sufficient to cover the cost of completing the
improvements not yet completed plus an amount equal to
10% of the completed improvements. The additional 10%
is to be used for the interim maintenance of the completed
improvements until the Village is provided with a two
year maintenance bond.
- The irrevokable Letter of Credit or Guarantee will provide
a date certain for completion. Since the Letter will be
irrevocable, there is no expiration date (which, in turn,
eliminates the constant problem of acquiring new Letters
with revised expiration dates) . The bonds will be released
by the Village upon completion of the improvements and
submission of the two year maintenance bond.
- Notwithstanding the expected completion date for the public
improvements, the proposed ordinance permits the Village
Engineer to require certain improvements to be completed
when said improvements are necessary for the subdivision
and taking into consideration the following:
1. The number of buildings or residences completed,
either in the development as a whole or on a block
by block basis.
Capital Improvements Committee - 2 - December 2, 1980
2. The amount of construction remaining in the subdivision.
3. The amount of street traffic and the need of the
residents and/or occupants for a safe means of
pedestrian traffic.
4. The adequacy of the street improvement in terms of
safe vehicular traffic including municipal emergency
vehicles and snow plowing equipment.
5. Such other factors and conditions which the Village
Engineer deems pertinent and relevant in requiring
any such improvements to be completed.
The intent of the above provisions is to formalize the procedures
and policies currently being followed by Staff.
Knickerbocker noted that Section 8.006, Paragraph 3 Final Plat
Phase will also be revised to correspond with the requirements of the
proposed ordinance.
Tosto directed Knickerbocker to prepare the necessary ordinances
for presentation to the Village Board on December 16, 1980.
The meeting adjourned at 8:10 p.m.
Submitted by:
G r E Parrin
ss ant Village Manager
c: President & Board of Trustees
Village Manager
Village Engineer
Administrative Assistant
Village Attorney
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