(a) Purpose. A performance bond shall be posted by the subdivider to guarantee to the municipality that in the event the required public improvements and utilities, which were an integral part of the approved final plat, are not installed, the municipality may install such required public improvements and utilities at the expense of the subdivider.
(b) Performance Bond Requirements. The required bond shall be so worded as to ensure the completion of the improvements, to the extent required by the Subdivision Regulations or which may be required by Council, including the construction of all streets and bridges, all sidewalks and curbs and the installation of a storm drainage system, all sanitary sewage facilities, water services, and the setting of all monuments.
(1) The applicant shall file with the Fiscal Officer a surety bond in favor of Commercial Point. Such bond must be executed by a surety company authorized to enter into such bonds under the laws of the State of Ohio. The bond shall be in such amount and in such form and contain such conditions as the municipality may require.
(2) Should a subdivision be approved in sections, the above requirements may be applied by section, rather than to the subdivision as a whole at the option of the subdivider unless specifically required by Council. Requirements by Council may include thoroughfare and infrastructure improvements that are deemed appropriate for the large development and necessary for incremental development of the section.
(c) Term of Performance Bond Extension. The Planning and Zoning Administrator may extend the term of the performance bond upon a written request from the subdivider when good cause for delay is shown and the surety company agrees to the extension.
(d) Maintenance Bond.
(1) Prior to the release of a performance bond, the subdivider shall present a maintenance bond in an amount as stipulated by ordinance based on the value of the public and private improvements required by the approved improvement plans and the subdivision regulations. The developer or designated representative shall contact the Planning and Zoning Administrator to schedule a meeting with municipal officials during the 11th month of the first year of the maintenance bond to perform an inspection of the improvements. Any deficiencies shall be documented in writing and provided to the developer who shall take appropriate action in addressing said deficiencies.
(2) After all deficiencies, if any, have been addressed to the satisfaction of the municipality, the maintenance bond may be reduced in an amount determined by the Planning and Zoning Administrator to cover street improvements for an additional four years.
(3) No certificate of zoning compliance or building permit shall be issued in the approved subdivision, or section thereof, until the required maintenance bond is accepted.
(e) Release of Performance Bond and "As Built" Drawings. Request for the release of a performance bond upon completion of all required improvements including "punch list" items must include "as built" drawings to include any changes from the approved improvement plans, including grading plan for storm drainage. Two hard copies of the "as built" drawings must be submitted and in electronic format (CD/DVD) in either jpeg or tif format, with GPS/GIS files. The "as built" drawings shall be reviewed and approved by the Municipal Engineer, showing the location of said improvements, as constructed, in both plan and profile. The "as built" drawings and revised grading plan shall be respectively signed by a licensed engineer or surveyor licensed in the State of Ohio.
(f) Bond Instructions.
(1) The bond form obtainable from the Planning and Zoning Administrator is the only one acceptable to the municipality.
(2) The bond must be for the total amount required by the municipality.
(3) Power of attorney of person signing on behalf of the surety company must be attached to the bond if not already on file with the municipality.
(4) If the person acting as attorney for the surety company is not a licensed resident agent of the State of Ohio, then a licensed Ohio resident agent of the company shall countersign this bond.
(5) The signatures of two witnesses are required on the bond.
(6) If the subdivision applicant is a corporation, then the corporate seal must be shown in addition to the seal of the bonding company.
(7) The bond must show the bond number and the name of the bonding company's local agent.
(8) Commercial Point requires a completion date of two years (performance bonds only).
(g) Cash Bond. The municipality may, at its discretion, require the posting by the developer of a cash bond in lieu of any or all of the provisions of this section. Interest on such bond shall accrue to the developer, but in no event shall be payable thereto until performance has been completed in accordance with all of the provisions of the Regulations. The Municipal Engineer shall determine the amount of such bond.
(Ord. 2020-10, passed 6-15-2020)