(a) The allotter shall, in lieu of the actual completion of the improvements required by this chapter including but not limited to storm water control and sanitary sewers, water lines, street improvements, sidewalks, required landscaping and utilities, furnish security satisfactory to the City in the form of cash, certified check or performance security bond in the full amount (one hundred percent (100%)) of the proposed improvements guaranteeing to the City that the improvements specified in this chapter will be completed within twenty-four (24) months, or such lesser period of time as the City may specify, after approval of the allotment. The amount of such bond or security shall be determined from the latest available cost experience of the City for improvements of the type and kind contemplated.
(1) Surety Bond shall be from a company approved by the City.
(2) Such surety or bond shall be released after the improvements for which the bond has been given, have been inspected by the appropriate departments of the City and have been found to be satisfactory and in accordance with the specifications.
(3) All security or bonds shall be forfeited if not claimed by the developer within a five (5)-year period and shall revert to the City's general fund. (ORC 9.39)
(Ord. 2005-085. Passed 1-9-06; Ord. 2007-002. Passed 4-2-07; Ord. 2020-021A. Passed 6-15-20.)