(a) Before recording of final subdivision plats, or as a condition of final site plan approval, the Planning Commission may require and shall accept in accordance with the standards adopted by ordinance the following guarantees:
(1) The furnishing of a performance guarantee in an amount not to exceed 100 percent of the cost of installation for improvements;
(2) Provision for a maintenance guarantee for a period not to exceed one (1) year after final acceptance of the improvement, in an account not to exceed 15 percent of the cost of the improvement. In the event that other governmental agencies or public utilities automatically will own the utilities to be installed, or the improvements are covered by a performance or maintenance guarantee to another governmental agency, no performance or maintenance guarantee, as the case may be, shall be required by the Planning Commission for such utilities or improvements.
(3) The applicant to enter into an escrow agreement with the City to cover professional costs, i.e., engineering or architectural, incurred by the City in reviewing the preliminary plat and final plat. Such cost shall be a reasonable estimate by the City Engineer, and such agreement shall commit the applicant to make additional contributions to the fund to cover unexpected costs. The funds shall be deposited in a bank in Ashtabula County and made payable to the City of Conneaut. Any unused amounts shall be returned to the applicant, without interest.
(Ord. 86-92. Passed 4-27-92.)
(b) The time allowed for installation of the improvements for which the performance guarantee has been provided may be extended by the Planning Commission by ordinance.
(c) Upon substantial completion of all required improvements, the developer may notify the Planning Commission in writing, by certified mail, of the completion or substantial completion of improvements, and shall send a copy to the City Engineer and/or Planning Commission. The City Engineer shall inspect all improvements of which such notice has been given and shall file a detailed report, in writing, with the Planning Commission indicating either approval, partial approval, or rejection of such improvements with a statement of
reasons for any rejection. The cost of the improvements as approved or rejected shall be set
forth.
(d) The governing body shall either approve, partially approve, or reject the improvements on the basis of the report of the City Engineer, and shall notify the developer in writing, by certified mail, of the contents of the report and the action not later than thirty (30) days after receipt of the notice from the developer of the completion of the improvements. Failure of the governing body to send or provide such notification to the developer within thirty (30) days shall be deemed to constitute approval of the improvements, and the obligor and surety, if any, shall be released from all liability pursuant to such performance guarantee for such improvements.
(e) Where partial approval is granted, the developer shall be released from all liability except for that portion of improvements not yet approved.
(Ord. 263-91. Passed 11-12-91.)