Before the Planning Commission approves the recording of a final plat, a performance guarantee for the completion of the public improvements required by the project, in an amount established by the City Engineer and in a form approved by the City Law Director, must be provided. Said performance guarantee shall be one of the following:
(a) A letter of credit;
(b) A performance bond;
(c) An escrow bank account; or
(d) Such other method approved by the City Law Director.
Whichever of the above guarantees is provided, such shall be approved by the City Law Director and shall be established for the sole benefit of the City of Elyria, in an amount determined by the City Engineer to be sufficient to pay for the costs of construction or to complete improvements. All engineering costs, including inspection fees, shall also be included in said amount. This amount shall also include provisions for estimated inflation, up to the date stipulated for completion of the improvements.
Whichever of the above guarantees is selected, it must provide that if the subdivision construction project or improvements are not completed in accordance with all applicable plans and specifications within the time period prescribed by these Regulations, then the full amount, as identified, shall immediately become due and payable to the City, or in lesser amounts from time to time, at the City's option, as may be required for completion according to the approved specifications and the City Engineer.
For the purposes of this section, a project shall be deemed complete when 100 percent of the required improvements of the subdivision are installed, pursuant to the requirements of these Regulations, and approved by the City Engineer. Release of any guarantee shall be only by the approval of the City Engineer and the City Law Director.
(Ord. 97-297. Passed 12-15-97.)