(a) The final drawings and specifications of improvements shall be a set of construction and utility plans prepared by a registered professional engineer. The plans shall include typical sections, plans and profile views, construction details and estimates of quantities. All typical sections and major engineering details to be used on any particular street shall be approved in advance by the City Engineering Department before completion of the plans. Prior to the granting of approval of the final plat, the subdivider shall have installed the minimum required improvements or shall have furnished a surety bond or certified check or other approved bond for the amount of the estimated construction cost of the ultimate installation and the initial maintenance of the improvements. Before the surety is accepted, it shall be approved by proper administrative officials. (Ord. 70-74. Passed 10-15-74.)
(b) In all development or redevelopment of real property located within the corporation limits of the City of Bucyrus, the developer shall guarantee the materials and workmanship of all improvements to be dedicated to public use and certain private improvements, when so required by Municipal regulations, for a period of eighteen (18) months after acceptance of dedicated improvements or approval of private improvements by the Municipality.
(c) In addition to the guarantee required in subsection (b) hereof, the developer shall guarantee the materials and workmanship of all curb, street and sidewalk improvements for a period of thirty-six (36) months after the acceptance or approval of said curb, street and sidewalk improvements.
(d) To secure the guarantees set forth in subsections (b) and (c) above, the developer shall provide a letter of credit or a maintenance bond in a form acceptable to and subject to the approval of the Approving Authority in an amount equal to ten percent (10%) of the total estimated cost of the improvements as determined by the City Engineer’s Office. After the expiration of the initial eighteen (18) months of the guarantee period, the amount of the bond or letter of credit shall be reduced to ten percent (10%) of the estimated cost of all curb, street and sidewalk improvements only. Thereafter, the amount of the bond or letter of credit required by this section shall diminish by half after the expiration of twenty-four (24) months after the date of acceptance or approval, and shall diminish again by half after the expiration of thirty (30) months after the date of acceptance or approval, and shall be reduced to zero at the expiration of thirty-six (36) months after the date of acceptance or approval.
(e) If the amount of said letter of credit or maintenance bond balance should be diminished during the initial eighteen (18) month term to less than the original amount, the developer shall replenish the balance to the amount originally required within thirty (30) days of being notified to accomplish same or forfeit the entire remaining balance. Likewise, if the amount of said letter of credit or maintenance bond balance should be diminished after the initial eighteen (18) month term to less than ten percent (10%) of the estimated cost of curbs, streets and sidewalks during the period from eighteen (18) months to twenty-four (24) months after the date of acceptance or approval, or less than five percent (5%) of the estimated cost of curbs, streets and sidewalks during the period from twenty-four (24) months to thirty (30) months after the date of acceptance or approval, or less than two and one-half percent (2.5%) of the estimated cost of curbs, streets and sidewalks during the period from thirty (30) months to thirty-six (36) months after the date of acceptance or approval, the developer shall replenish the balance to the full amount of the respective percentage of estimated cost of said improvements required by this declining balance formula within thirty (30) days of being notified to accomplish same or forfeit the entire remaining balance.
(f) When the developer fails to correct and deficiency or failure in the improvements covered by the maintenance guaranties set forth herein, then the Municipality, after giving notice which it deems reasonable under the particular circumstances, shall utilize such letter of credit or maintenance bond to effect any necessary repairs.
(Ord. 13-2006. Passed 4-18-06.)