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Board approves developer's agreement; sets "substantial completion" for lot conveyance and keeps financing protections
Summary
The Village of Waukesha trustees approved a developer's agreement subject to final planner sign-off that defines when lots can be conveyed, preserves a letter-of-credit remedy and retains several warranty and indemnity provisions while leaving details such as warranty length "not specified" in the draft.
The Village of Waukesha Board of Trustees on May 8 approved a developer's agreement for a proposed subdivision, with final form to be cleared by the village planner.
The agreement sets the development schedule and financial protections the village may use if required improvements are not completed, and includes language tying lot conveyance to a defined milestone the board labeled "substantial completion," which the board clarified to mean installation of the binder (first/binder) lift and completed stormwater systems.
Why it matters: the agreement establishes when a developer may begin transferring lots and who is responsible for unfinished public improvements, and it preserves the village's ability to require remediation or to draw on guarantees if work is not completed.
Key points: the trustees approved the agreement subject to the…
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