The development contract provided in § 151.137 requires the developer to provide a financial guarantee. The financial guarantee shall take one of the following forms:
(A) Escrow deposit or appropriate surety. An escrow deposit in cash, certificate of deposit, time certificate or other approved form, shall be made to the county in the sum equal to 125% of the total cost as estimated by the County Engineer, including cost of inspection and legal and administrative costs incurred by the county, of all of the improvements to be furnished and installed by the subdivider pursuant to the contract and which have not been installed by the subdivider prior to the approval of the final plat. A separate guarantee shall be required by the subdivider as part of Chapter 153, Water Resource Management, to ensure erosion and sediment control and installation of practices intended to meet the filtration/bioretention/infiltration requirements.
(1) The county shall be entitled to reimburse itself out of said deposit for any cost and expense incurred by the county for completion of work in a case of default of the subdivider under said contract, and for any damages sustained by the county on account of any breach thereof. Upon completion of the work and termination of any liability to the county of the subdivider under said contract the balance remaining in said deposit shall be refunded to the subdivider.
(2) Immediately upon completion of said work the county shall submit to the developer an itemized bill in detail, setting forth the actual cost of inspection by the county; said bill shall be paid prior to the acceptance of said work by the county.
(B) In lieu of guarantee, the agreement between the county and the subdivider may provide that the county and/or township shall provide the engineering services and construct all or any portion of said improvements and that payment for said improvements will be made to the county as follows:
(1) Prior to final plat approval, the county may require payment to the county in cash, certified check or cashier’s check in an amount of at least 125% of the total estimated cost of said improvements, exclusive of amounts provided in division (B)(2).
(2) The remainder of the total cost thereof shall be assessed against the benefitted property as determined by the county and shall be payable in equal annual installments of not to exceed five such annual installments. Assessments on any lot, which are not fully paid at the time of transfer, shall be paid in full on or before such time of transfer, or transferred to the new owner.
(C) However, depending upon economic conditions, the total amount of improvements requested, the area of land to be subdivided and any other relevant factors, the county shall determine what portion, if any, of said improvements may be installed and constructed under the terms of this provision.
(Ord. 33, § 9.0, passed 1-21-92; Am. Ord. 70-2010, passed 1-25-11)