Where in this chapter there is delegated to the Zoning Board of Appeals, Village Council or the Planning Commission the function of establishing certain physical site improvements as a contingency to securing a zoning amendment, site plan approval, special approval or variance, the Zoning Board of Appeals, Village Council or the Planning Commission may, to ensure strict compliance with any regulation contained herein or required as a condition of the issuance of a permit, require a cash, performance or surety bond executed by a reputable surety company authorized to do business in the state, or irrevocable letter of credit, in an amount determined by the Zoning Board of Appeals, Village Council or the Planning Commission to be reasonably necessary to ensure compliance hereunder; provided, however, that in fixing the amount of such cash, performance, surety bond or irrevocable letter of credit, consideration shall be given to the size and scope of the proposed improvement project, current prevailing cost of rehabilitating the premises upon default of the operator, estimated expenses to compel the operator to comply by court decree, and such other factors and conditions as might be relevant in determining the sum reasonable in the light of all facts and circumstances surrounding each application.

The performance guarantee shall be deposited with the Village Council at the time of the issuance of the permit authorizing the activity or project.

The Village Council shall establish procedures whereby a rebate of cash deposits, in reasonable proportion to the ratio of work completed on the required improvements, will be made as work progresses.

As used in this section, "improvements" means those features and actions associated with a project which are considered necessary by the body or official granting approval to protect natural resources or the health, safety and welfare of the residents of the Village and future users or inhabitants of the proposed project or project area, including, but not limited to, roadways, paving, walls, curbing, striping, lighting utilities, sidewalks, screening landscaping and drainage.

A certificate of occupancy for any improvement will not be issued nor shall the property be used or occupied in any way until the required physical site improvements are fulfilled. In instances where all improvements as required by this chapter are not completed and a temporary certificate of occupancy is requested, the cost of such remaining improvements shall be estimated by the Zoning Administrator, taking into account the criteria listed above. The Zoning Administrator may grant temporary occupancy if use of the premises does not constitute a hazard or nuisance. Temporary occupancy will not be granted until satisfactory cash bond or irrevocable letter of credit in the amount of the estimated cost of completion is filed with the Village Council. If the work is not completed by the date specified on the temporary occupancy permit, the Village Council may use the cash, surety bond or irrevocable letter of credit to complete the improvements. Issuance of a temporary certificate of occupancy is also subject to the provisions of Article XXIV, § 155-24.03B(5), temporary certificates.