913.15  BOND.
   (a)   If a Comprehensive Storm Water Management Plan is required by this regulation, soil-disturbing activities shall not be permitted until a cash bond of $1,500/acre disturbed, has been deposited with the City of Eastlake Finance Department.  This bond shall be posted for the City of Eastlake to perform the obligations otherwise to be performed by the owner of the development area as stated in this regulation and to allow all work to be performed as needed in the event that the applicant fails to comply with the provisions of this regulation.  The stormwater bond will be returned, less City of Eastlake administrative fees as detailed in Chapter 1301 - Permits and Fees of the City of Eastlake Codified Ordinances, when the following three criteria are met:
      (1)   After 80% of the lots of the project have been complete or 80% of the total project has been permanently stabilized or two years from the time of permanent stabilization have passed. 
      (2)   An As Built Inspection of all stormwater control measures as described in Section 913.12 is approved by the City of Eastlake.
      (3)   An Inspection and Maintenance Plan has been approved by the City of Eastlake and Inspection and Maintenance Agreement signed by the developer, the contractor, the City of Eastlake, and the private owner or homeowners association who will take long term responsibility for these BMPs, is accepted by the City of Eastlake.
   (b)   Once these criteria are met, the applicant shall be reimbursed all bond monies that were not used for any part of the project.  If all of these criteria are not met after three years of permanent stabilization of the site, the City of Eastlake may use the bond monies to fix any outstanding issues with all water quality structures on the site and the remainder of the bond shall be given to the private lot owner/ homeowners association for the purpose of long term maintenance of the project.
(Ord. 2017-093.  Passed 11-28-17.)