(A) Before any improvement is accepted or any responsibility is assumed by the village, a guarantee shall be posted by the developer or owner in an amount equal to $20 per lineal foot of street accepted (measured along the center line) to the satisfaction of Council and in favor of the village, and kept on file in the office of the Clerk. The guarantee shall assure the correction of any defect or failure from any cause whatsoever appearing in any public improvement, as shown on the detailed improvement plans, or an improvement required under this chapter. Except as extended by division (B) below, in the case of rigid pavements, at the option of the Planning Commission, the guarantee shall be for at least three years; in the case of flexible pavement, two years; such periods to commence after acceptance and after obstructions, such as building materials, equipment, and temporary buildings, have been moved from the right-of-way, whichever last occurs.
(B) In addition to the time period established in division (A) above, the Planning Commission has the right to establish a minimum period of time and a minimum percentage of building completions in the subdivision prior to release of the bond.
(Am. Ord. C-611, passed 2-9-87)