(a) Subdivision Bond and Performance Bond. The Subdivider shall post a Subdivision Bond, in the amount of One Hundred (100) Percent of the total estimated costs of the construction of the required improvements, as specified in these Subdivision Regulations in order to guarantee their proper installation. The City Engineer shall review the Subdivider’s construction cost estimate and determine if the estimated costs adequately reflect the costs of the required improvements as well as the time period that is likely to be required to construct all improvements and shall approve and certify in writing to the Planning Commission the arrangements of the Subdivider prior to the posting of the Subdivision Bond.
The City of Canfield, Ohio reserves the right to reject any Subdivision Bond which the City Engineer has determined to be unacceptable. The subdivision Bond shall not exceed a period of two (2) years unless mutually extended in writing by the Subdivider and the City of Canfield, Ohio.
The Subdivision Bond shall be made payable to and enforceable by the City of Canfield, Ohio and shall provide that the Subdivider, his heirs, successors and assignees, their agent or servants will comply with all applicable terms, conditions, provisions and requirements of these Subdivisions Regulations.
(b) Maintenance Bond. Upon the completion of the required improvements, the Subdivider shall post a Maintenance Bond in the amount of ten (10) percent of the actual construction costs of the improvements. The dollar amount of the Maintenance Bond shall be reviewed and approved in writing by the City Engineer, prior to the actual posting of the Bond in order to assure that it is an accurate reflection of the improvement costs. The City Engineer shall approve and certify in writing that said improvements have been constructed and completed in a satisfactory manner.
No improvements shall be accepted by the Council until the Subdivider has posted an approved Maintenance Bond which shall extend for a period of two (2) years from the date of acceptance by the City in the case of all improvements.
(Ord. 2001-13. Passed 3-21-01.)