1996-083d 0
ORDINANCE 496 -83
AN ORDINANCE AMENDING TITLE 16 OF THE BUFFALO GROVE
MUNICIPAL CODE, BEING THE DEVELOPMENT ORDINANCE
WHEREAS, Buffalo Grove is a Home Rule unit pursuant to the
Illinois Constitution of 1970; and
BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE
VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS:
Section 1. Section 16.20.130.13 and C of the Village of Buffalo
Grove Municipal code are amended to read as follows:
B. Development Improvement Guarantee
1. A statement shall be submitted to the Village by the
engineer, giving an estimate of the total cost of the construction and /or
installation of all such improvements both public and private governed by this
Title. In addition to the cost of the construction and /or installation of all
such improvements, an amount equal to 10a of such costs shall be added for
estimated construction engineering. Said estimate shall be subject to review
and approval of the Village Engineer.
2. The Developer shall post a security in a sum sufficient to
cover 1080 of the approved engineer's estimate of cost as described above.
The financial security shall be in the form of either cash, sufficient surety
bond issued by a corporate surety authorized to do business in the State of
Illinois and subject to the approval of the Corporate Authorities, or an
irrevocable letter of credit issued by a financial institution authorized to
do business in the State of Illinois and subject to the approval of the
Corporate Authorities, or direct financial obligations of the United States of
America subject to the approval of the Corporate Authorities. The approval of
any of the above mentioned securities is subject to a minimum of one (1)
percent of the amount of the security, but not less than Five thousand dollars
($5,000.00) being deposited in cash with the Village.
C. Maintenance Guarantee
The developer shall repair or replace any defective work or
material within thirty (30) days of receipt of a written notice from the
Village that such defects exist.
The developer shall provide a financial security in the amount of
fifteen (15) percent of the original financial security for construction, to
the credit of the Village, in the form of cash or other type of security as
required for construction in Paragraph B above and shall be held after the
final completion and acceptance of the improvements. Such security shall be
held by the Village for a period of one (1) year after initial acceptance of
the development by the Corporate Authorities.
If the developer fails to properly repair defects within the
required period, the security shall be callable and usable by the Village for
the purpose of:
1. Securing the correction of any damage to such improvements
by reason of settling of the ground, base, or foundation thereof.
o e
2. Securing the correction of any defect in material or
workmanship furnished for improvements constructed in conjunction with the
development.
Section 2. This ordinance shall be in full force and effect from
and after its passage, approval and publication. This ordinance may be
published in pamphlet form. This ordinance shall not be codified.
AYES: 6 - Marienthal, Reid, Rubin, Braiman, Hendricks, Glover
NAYES: 0 - N
ABSENT: 0 - None
PASSED: December 16 1996
APPROVED: December 16 1996
PUBLISHED: December 17 , 1996
Village President
ATTEST:
!2�rVA.�
Village Clerk
ord9618.wpd
s
VILLAGE OF BUFFALO GROVE
ORDINANCE NO.
ADOPTED BY THE PRESIDENT
AND BOARD OF TRUSTEES OF THE VILLAGE
OF BUFFALO GROV
THIS AY OF , 19
�a
Published in pamphlet form by authority of the
President and Board of Trustees of the Village
of Buffalo Grove, Cook & Lake Counties, I1 ois,
this day of �(�Q _� 1W&
Village C1er
B
D uty Village Clerk
ORDINANCE 496 -83
AN ORDINANCE AMENDING TITLE 16 OF THE BUFFALO GROVE
MUNICIPAL CODE, BEING THE DEVELOPMENT ORDINANCE
WHEREAS, Buffalo Grove is a Home Rule unit pursuant to the
Illinois Constitution of 1970; and
BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE
VILLAGE OF BUFFALO GROVE, COOK AND LAKE COUNTIES, ILLINOIS:
Section 1. Section 16.20.130.B and C of the Village of Buffalo
Grove Municipal code are amended to read as follows:
B. Development Improvement Guarantee
1. A statement shall be submitted to the Village by the
engineer, giving an estimate of the total cost of the construction and /or
installation of all such improvements both public and private governed by this
Title. In addition to the cost of the construction and /or installation of all
such improvements, an amount equal to 10% of such costs shall be added for
estimated construction engineering. Said estimate shall be subject to review
and approval of the Village Engineer.
2. The Developer shall post a security in a sum sufficient to
cover 108% of the approved engineer's estimate of cost as described above.
' The financial security shall be in the form of either cash, sufficient surety
bond issued by a corporate surety authorized to do business in the State of
Illinois and subject to the approval of the Corporate Authorities, or an
irrevocable letter of credit issued by a financial institution authorized to
do business in the State of Illinois and subject to the approval of the
Corporate Authorities, or direct financial obligations of the United States of
America subject to the approval of the Corporate Authorities. The approval of
any of the above mentioned securities is subject to a minimum of one (1)
percent of the amount of the security, but not less than Five thousand dollars
($5,000.00) being deposited in cash with the Village.
C. Maintenance Guarantee
The developer shall repair or replace any defective work or
material within thirty (30) days of receipt of a written notice from the
Village that such defects exist.
The developer shall provide a financial security in the amount of
fifteen (15) percent of the original financial security for construction, to
the credit of the Village, in the form of cash or other type of security as
required for construction in Paragraph B above and shall be held after the
final completion and acceptance of the improvements. Such security shall be
held by the Village for a period of one (1) year after initial acceptance of
the development by the Corporate Authorities.
If the developer fails to properly repair defects within the
required period, the security shall be callable and usable by the Village for
the purpose of:
1. Securing the correction of any damage to such improvements
by reason of settling of the ground, base, or foundation thereof.
' v
2. Securing the correction of any defect in material or
workmanship furnished for improvements constructed in conjunction with the
development.
Section 2. This ordinance shall be in full force and effect from
and after its passage, approval and publication. This ordinance may be
published in pamphlet form. This ordinance shall not be codified.
AYES: 6 - Marienthal, Reid, Rubin, Braiman, Hendricks, Glover
NAPES: 0 - None
ABSENT: 0 - None
PASSED: December 16 1996
APPROVED: December 16 1996
PUBLISHED: December 17 1996
APPROVE
; D:
Village Presilent
ATTEST:
-m. 1. &th�
Village Clerk
ord9618.wpd
v