The Village Board of Trustees shall not approve any final plat of subdivision (and, hence, the final plat shall not be entitled to recording) until:

   (A)   All improvements required in the approved improvements plan have been completed by the subdivider/developer, at his or her expense, inspected by the village staff, and the developer's design professional or other regulatory agencies accepted by the village or other appropriate entity, and dedicated to the village or other appropriate entity; or

   (B)   In accordance with subsections below, the subdivider/developer has provided the village with legal assurances to guarantee the satisfactory completion and dedication of all required improvements.

   (A)   The required assurance shall be as directed in § 151.412.

   (B)   Any assurances shall be deposited with village staff.

   (A)   The amount of the assurance shall be equal to the village staff's estimate of the costs of constructing the uncompleted portion of the required improvements, plus any costs of bid advertising or other cost incurred and all required inspection and administrative fees.

   (B)   Any assurance shall be in the form of either:

      (1)   Cash;

      (2)   An irrevocable letter of credit from a lending institution guaranteeing to the village the availability of the escrow funds upon demand. The irrevocable letter of credit shall be such that the location for the village to present a request for drawing(s) shall be no more than 30 miles from the Shiloh Municipal Building; or

      (3)   Certificate of deposit, treasury bills or other readily negotiable instruments approved by village staff and made payable to the village.

   (A)   The initial term of any assurance shall not exceed two years.

   (B)   If all the required improvements have not been completed by the end of the two-year period, the village staff, with the advice and consent of the Village Board of Trustees, may either extend the assurance for one year only, or may proceed as per § 151.415.

   The amount of the assurance shall not be released until:

   (A)   The village staff and the developer's design professional have certified to the Village Board in writing that all required improvements have been satisfactorily completed; and

   (B)   The improvements have been accepted by and dedicated to the village or other appropriate entity.

   If all the required improvements have not been completed by the end of the two-year period (or three-year period, in the case of an extension), the village staff, with the assistance of the Village Attorney, shall:

   (A)   Order the Village Treasurer to retain all assurance funds needed to complete the required improvements and to return the balance (if any) of such funds to the subdivider/developer; or

   (B)   Require the subdivider/developer to submit a new assurance in an amount sufficient to cover any increase in the cost of constructing the required improvements.