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HomeMy WebLinkAboutG28-94 "Pk CITY OF ELGIN ORDINANCE NO. G28-94 AN ORDINANCE AMENDING CHAPTER 18 . 20 OF THE ELGIN MUNICIPAL CODE, 1976, AS AMENDED, ENTITLED "FINAL PLAT" ADOPTED BY THE tow CITY COUNCIL OF THE CITY OF ELGIN ON THIS 8TH DAY OF JUNE, 1994 Published in pamphlet form by authority of the City Council of the City of Elgin, Kane and Cook Counties, Illinois, on this 10th day of June, 1994 . STATE OF ILLINOIS ) ss . COUNTY OF KANE ) CERTIFICATE I, Dolonna Mecum, certify that I am the duly appointed and acting municipal clerk of the City of Elgin, Cook and Kane Counties, Illinois . I further certify that on June 8, 1994, the Corporate Authorities of such municipality passed and approved Ordinance No. G28-94, entitled An Ordinance Amending Chapter 18 .20 of the Elgin Municipal Code, 1976, as Amended, Entitled "Final Plat" which provided by its terms that it should be published in pamphlet form. The pamphlet form of Ordinance No. G28-94, including the Ordinance and a cover sheet thereof, was prepared, and a copy of such Ordinance was posted in the municipal building, commencing on June 10, 1994, and continuing for at least ten days thereafter. Copies of such Ordinance were also available for public inspection upon request in the office of the municipal clerk. DATED at Elgin, Illinois, on June 10, 1994 . Municipal Clerk (SEAL) emb- Ordinance No. G28-94 AN ORDINANCE AMENDING CHAPTER 18 . 20 OF THE ELGIN MUNICIPAL CODE, 1976, AS AMENDED, ENTITLED "FINAL PLAT" BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF ELGIN, ILLINOIS: Section 1 . That Section 18 .20 . 050 entitled "Qualifications of Approval" of Chapter 18 .20 of the Elgin Municipal Code, 1976, as amended, be and is hereby further amended by amending Subsection C to read as follows : "C. Posting of a performance bond, cash or letter-of-credit in an amount equal to one hundred and ten percent ( 110%) of the approved Engineer' s Estimate of cost for all site improvements required by these regulations to be installed by the developer, as determined by the City Engineer. 1 . Submission of a performance bond, cash or letter-of-credit shall be subject to the following conditions : a. It shall be in favor of and retained by the City of Elgin. b. It shall guarantee, or in the case of cash be deemed to guarantee, the completion of all site improvements as outlined in the approved Engineer' s Estimate of cost; c. It shall continue in full force and effect until the completion of all site improvements as outlined in the approved Engineer' s Estimate. The expiration date of the performance bond or letter-of-credit shall be established from the developer' s engineer' s Estimated Date of Completion of all site improvements as approved, in writing, by the City Engineer. The Estimated Date of Completion shall include six months for the inspection, repair and City Council acceptance of all site improvements and an additional year for the guarantee period defined in 18 .20 . 050C(2) (a) ( iv) . Completion of all site improvements shall be defined as that time when all site improvements have been accepted by the City Council and the one year guarantee period as defined in 18 .20 . 050C(2) (a) ( iv) , has expired. d. It shall be in a form approved by the corporation counsel . e. It shall, with respect to letters of credit, be provided by a financial institution approved by the City Finance Director upon receipt of reasonable evidence that such institution has a shareholders ' equity to weighted risk assets ratio of 4% or greater as determined by the latest quarterly financial report submitted to the Federal Reserve District Bank or the Federal Deposit Insurance Corporation. f. It shall include or be accompanied by a reference to all of the site improvements for which it is posted. g. It shall be irrevocable. h. It shall, with respect to a performance bond, be guaranteed by a surety company approved by the City Finance Director upon receipt of reasonable evidence that such company is authorized to do business in the State of Illinois and is rated at the time of purchase by at least one standard rating service in the following two categories : i) Management rating within the four highest classifications then established; and ii) Financial Size/Adjusted policyholders ' surplus rated Class V by A.M. Best or have a minumum $10 million in Adjusted Policyholders ' Surplus . 2 . Performance bond, cash or letter-of-credit reductions shall be subject to the following conditions : a. The following incremental reductions shall be permitted: i . After the completion of watermain, sanitary sewer and storm water control improvements . This reduction shall equal 90% of the estimated cost of all site improvements complete at this juncture. Plans which illustrate the as constructed elements of the approved watermain, rft. sanitary sewer and storm water control design shall be required and must be approved, in writing, by the City Engineer prior to the reduction. ii . After the completion of the asphalt binder course. This reduction shall equal 90% of the estimated cost of all site improvement items complete at this point. iii . After all site improvements have been completed. This reduction shall equal 90% of the estimated cost of all site improvements as outlined in the approved Engineer' s Estimate of Cost. iv. After the City Council has accepted all public improvements . This reduction shall reduce the performance bond, cash deposit or letter-of-credit to 10% of the approved Engineer's Estimate of cost for all site improvements . This 10% shall be held for a period of one year from the date of the City Council 's acceptance as guarantee of the improvements against defects caused by faulty workmanship or inferior materials . This reduction shall again require the submission and written approval of plans which illustrate all of the as constructed elements of the approved design, inclusive of all site improvements . v. After the one year guarantee period has expired, the performance bond, cash or letter-of-credit shall be released by the City. b. All bond, cash or letter-of-credit reduction requests shall be accompanied by: i . A breakdown, by quantity and cost, of all completed items . (Quantities and cost should not exceed those found in the approved Engineer' s Estimate of Cost) . ii . Waivers and/or affidavits from all contractors and/or subcontractors involved. iii . A signed statement from the developer's engineer that the completed items were constructed in accordance with the approved plans and specifications . c. If at any time during the course of development, a lien is filed against the w development, the city shall reject any performance bond, cash or letter-of-credit reductions until such time as the lien is resolved. " Section 2 . That all ordinances or parts thereof in conflict with this ordinance are repealed. Section 3 . That this ordinance shall be in full force and effect ten days after its passage and publication in the manner provided by law. GeorgelanDeVoorde, Mayor Presented: June 8, 1994 Passed: June 8, 1994 Omnibus Vote: Yeas 7 Nays 0 Recorded: June 9, 1994 Published: June 10, 1994 Attest: Dolonna Mecum, City Clerk egow r