(A) This section is not applicable to PUD zoned areas.
(B) In lieu of constructing improvements, the subdivider may apply for final plat approval by insuring completion of the required improvements in accordance with the following:
(1) The owner shall have completed or shall have agreed in writing to complete, all public improvements required by the final development plan within one year from the date of approval of the final plat or such extension of time as may be granted by Council and shall have agreed that he will maintain such public improvements for a period of one year after their acceptance by the municipality.
(2) The owner has agreed that all construction work and materials used in connection with public improvements in the area platted will conform to the requirements of the municipality and be installed under the Municipal Engineer's general supervision; that he will notify the Municipal Engineer in writing three days or more before any construction has begun on such improvements in order to permit inspection; that he will hold the municipality free and harmless from any and all claims for damages of every nature arising or growing out of the construction of such improvements, and shall defend, at his cost and expense, any suit or action brought against the municipality by reason thereof, until the improvement has been accepted by the municipality; that in the event of any violation of, or noncompliance with, any of the provisions and stipulations of the agreement, the municipality shall have the right to stop the work forthwith and complete or cause the completion of such improvements according to the approved plat and agreement and that in such event the owner shall reimburse the municipality for any and all expenses incurred thereby.
(3) The owner has furnished a subdivision bond and a maintenance bond payable to the municipality with sureties acceptable to Council conditioned upon performance by the owner of the agreement, or in lieu of such bonds, some other security satisfactory to Council. The amount of the subdivision bond shall be equal to the estimated costs of constructing the improvements. The maintenance bond shall be in an amount of 10% of the subdivision bond for the purpose of maintaining them for a period of one year. The subdivision bond shall provide that it cannot be terminated or canceled without approval of the municipality, and shall remain in force until such improvements have been accepted by the Municipal Engineer. The maintenance bond shall become effective on the date the improvements are accepted by the Engineer, and shall remain in effect for a period of not less than one year and until any and all corrective measures have been accomplished and are approved by the Municipal Engineer.
(4) The subdivider may deposit in a bank or savings and loan association in Franklin County, Ohio, the sum not less than the total estimated improvement cost, to be held in escrow to guarantee the satisfactory completion of such improvements within the required time, the form of the escrow to be subject to the approval of the Solicitor and which agreement may provide for the making of payments from such funds from time to time upon certificates of the Municipal Engineer that the balance remaining after such payments will, in his opinion, be adequate to pay the remaining costs of the improvements.
(5) The subdivider may deposit with the municipality a certified check, in the amount of the total estimated improvement cost, to be held in escrow until the satisfactory completion of construction, unless there be a default in the completion of such improvements, in which event the check may be cashed by the Clerk-Treasurer and the proceeds thereof used to complete the improvements, to pay claims connected therewith for which the subdivider may be liable, or to cure any other default of the subdivider connected with the making of such improvements.
('80 Code, § 1105.05) (Ord. 27-74, passed 5-6-74) Penalty, see § 152.999