§ 157.090  IMPROVEMENTS AND PERFORMANCE BOND.
   (A)   Completion of Improvements. Before the plat is signed by the Designated Officials, all applicants shall be required to complete, in accordance with the Plan Commission’s decision and to the satisfaction of the Town Engineer, the following: (1) all the streets, sanitary, and other public improvements; (2) all lot improvements on the individual lots of the subdivision as required by this chapter and specified in the approved construction plans and on the final subdivision plat as approved by the Plan Commission, and (3) to dedicate the public improvements to the Town of Cloverdale, free and clear of all liens and encumbrances on the property and public improvements thus dedicated.
   (B)   Performance bond.
      (1)   The Plan Commission, in its sole discretion, may waive the requirement that the applicant complete all public improvements prior to the approval of the final subdivision plat or section thereof, and that, in lieu thereof, the applicant shall post bond securable to the Town of Cloverdale, hereinafter referred to as performance bond, in an amount equivalent to 100% of the estimated cost of completion of the required public improvements. This amount of bond shall be sufficient to secure to the participating jurisdiction the satisfactory construction and installation of the uncompleted portion of required public improvements, as provided for in §§ 157.032(G)(1)(a) and 157.033(H)(1)(a) of this chapter.
      (2)   In lieu of such a bond, the subdivider may submit a certified check made payable to the Town of Cloverdale in an amount equivalent to 100% of the estimated cost of completion of the uncompleted portion of required public improvements as provided for in §§ 157.032(G)(1)(a) and 157.033(H)(1)(a) of this chapter. Any such check shall be held by the Cloverdale Clerk-Treasurer.
      (3)   In lieu of such a bond, the subdivider may submit irrevocable letters of credit on behalf of the subdivider and securable by the Town of Cloverdale in an amount equivalent to 100% of the estimated cost of completion of the uncompleted portion of required public improvements as provided in §§ 157.032(G)(1)(a) and 157.033(H)(1)(a) of this chapter. In the event an irrevocable letter of credit is used, it shall be written for a maximum length of two years. The Plan Commission, two months prior to the expiration of the letter of credit, shall determine if the public improvements have been accepted for maintenance by the Town of Cloverdale or other units of government having jurisdiction over them and, if they have not been accepted shall so notify the subdivider of the Town of Cloverdale’s intent to secure the funds pledged by such letter of credit, or, at the discretion of the Plan Commission, to grant an extension of the original period fixed by the Plan Commission. No extension shall exceed one year and the subdivider shall file with the Plan Commission a new letter of credit for the period so extended.
      (4)   In lieu of such a bond, the subdivider may submit a certificate of deposit made out to the Town of Cloverdale and the subdivider to be held by the Cloverdale Clerk-Treasurer in an amount equivalent to 100% of the cost of completion of the uncompleted portion of required public improvements as provided for in §§ 157.032(G)(1)(a) and 157.033(H)(1)(a) of this chapter. The subdivider must endorse the certificate of deposit before submitting it to the Plan Commission so that the Town of Cloverdale may secure the funds.
      (5)   A performance bond furnished pursuant to this chapter shall comply with all statutory requirements and shall be satisfactory to the Town Attorney as to form, sufficiently, and manner of execution as set forth in this chapter. (See Appendix A for forms.) The period within which required public improvements must be completed shall be specified by the Plan Commission in the primary approval of the preliminary plat and shall be incorporated into the bond and shall not in any event exceed two years from date of secondary approval. Such bond shall be approved by the participating jurisdiction as to amount. The Plan Commission may, upon proof of difficulty, grant an extension of the completion date set forth in such bond for a maximum period of one additional year, provided that the bond submitted for this extension period meets all other requirements herein. The Plan Commission may, at any time during the term of such bond, accept a substitution of principal or sureties on the bond.
   (C)   Temporary public improvements. The applicant shall build and pay for all costs of temporary public improvements required by the Plan Commission and shall maintain same for the period specified by the Plan Commission. Prior to construction of any temporary public facility or improvement, the subdivider shall file with the Plan Commission a separate suitable bond for temporary facilities. This bond shall insure that the temporary facilities will be properly constructed, maintained, and removed (except for turnarounds at ends of the peripheral stub streets intended for connection into adjacent future subdivisions).
   (D)   Costs of public improvements. All required public improvements shall be made by the applicant at his expense without reimbursement by the participating jurisdiction or any public improvement district therein, unless sharing of expenses is agreed upon by the Town of Cloverdale.
   (E)   Governmental units. Governmental units to which these bond provisions apply may file a certified resolution or ordinance from officers or agencies authorized to act in their behalf agreeing to comply with the provisions of this Section in lieu of said bond.
   (F)   Failure to complete public improvements. For subdivisions for which no performance bond has been posted, if the public improvements are not completed within the period specified by the Plan Commission in the primary approval of the preliminary plat, or the sketch plan in the case of a minor subdivision, the approval shall be deemed to have expired by operation of law. In those cases where a performance bond has been posted and the required public improvements have not been installed within the terms of such performance bond, the participating jurisdiction may thereupon request the Town of Cloverdale to declare the bond to be in default and cause all public improvements to be installed according to secondary approval regardless of the extent of the building development at the time the bond is declared to be in default.
   (G)   Acceptance of dedication offers. The approval by the Plan Commission of a subdivision plat shall not be deemed to constitute or imply the acceptance by the Town of Cloverdale of any street, easement, or park shown on said plat. The Plan Commission may require said plat to be endorsed with appropriate notes to this effect. The approval relates only to the real property itself.
(Ord. 2011-07, passed  - - )