As a condition of approval of a site plan, special land use, variance, or planned unit development, the Planning Commission, Village Council, or Zoning Board of Appeals may require a performance guarantee to ensure the installation of those features or components of the approved activity or construction which are considered necessary to protect the health, safety, and welfare of the public and of users or inhabitants of the proposed development. Such features or components, hereafter referred to as "improvements," may include but shall not be limited to roadways, curbs, landscaping, fences, walls, screens, lighting, drainage facilities, sidewalks, driveways, utilities and similar items.
(1) Such performance guarantee shall be in a principal amount reasonably estimated to enable the Village to recover any costs the Village incurs to complete such work or otherwise assure compliance with the requirements, specifications, and conditions of such approval should the applicant fail to do so within the time specified within the approval. The Zoning Administrator, the Village Engineer, the Village's legal counsel and the applicant shall work together to establish the amount needed to reasonably cover the costs of nonperformance. The terms of the performance guarantee may, but shall not be required to, provide for partial releases of the amount of the guarantee as the requirements, specifications and conditions imposed with the approval are fulfilled. If the applicant disagrees with the Village staff as to the amount needed to reasonably cover the costs of nonperformance, the Village Engineer shall provide an engineer's cost estimate shall be used to determine the amount required.
(2) The performance guarantee shall be provided before any permits are issued pursuant to this chapter or the construction code and the failure of any such performance guarantee shall be a basis for revoking any permit granted under this chapter or the construction code.