No final plat for record shall be approved for record purposes until the Engineer certifies that all of the improvements required in Section 1173.01 have been installed in accordance with the requirements of these Regulations and until the preliminary plan and specifications have been approved in accordance with Section 1173.02. Should it not be desirable or possible to install all of the improvements required by Section 1173.01, including the sewer and water installations, prior to the submission of the final plat to the Planning Commission for approval, then such plat may nevertheless be approved for record purposes, but not for the purpose of accepting the dedication of any streets thereon pursuant to Section 1173.07, provided that (1) those improvements, if any, that have been installed are certified complete by the Engineer, and (2) one of the following procedures has been complied with by the owner, subdivider or agent with respect to all improvements not complete at the time approval is requested:
(a) Deposit of Funds with Village. When after approval by Planning Commission, funds in an amount deemed by the Engineer sufficient to pay the cost and expense of all improvements not installed are placed on deposit with the Municipality for the purpose of the installation of such improvements by the Municipality at such time and in such manner as the Commission may determine or the installation thereof by the owner, subdivider or agent at such time and manner in accordance with an escrow agreement, executed by the owner, subdivider or agent, in a form satisfactory to the Law Director and approved by the Commission.
(b) Irrevocable Letter of Credit. When after approval by Planning Commission, there has been provided to the Clerk a written agreement, including but not limited to an "Irrevocable Letter of Credit," of any bank or savings and loan institution, the main office of which is situated in either Cuyahoga or Summit Counties, which agreement is executed by an officer of the bank or savings and loan institution and by the owner, subdivider or agent, and contains the following assurances, guarantees, commitments and other terms and conditions:
(1) That there are on deposit in such bank or savings and loan institution, in an escrow account, funds in an amount deemed by the Engineer sufficient to pay the cost and expense of installing all of such improvements; or in the alternative, a guaranty by such bank or savings and loan institution that said funds are available in the aforesaid amount.
(2) That the bank or savings and loan institution will act as sole disbursing agent for the funds and will, upon receipt of appropriate certificates of completion furnished by the Engineer, have the sole responsibility for and will pay directly all just bills for services or materials in connection with the installation of such improvements submitted to it by any contractor, subcontractor or material man. It shall be understood that the responsibility of engaging such contractors, subcontractors and material men is that of the owner, subdivider or agent, and not that of the Municipality or the bank or savings and loan institution.
(3) Such other terms and conditions as shall be required by the Law Director or Planning Commission, not inconsistent with the above, in order to properly safeguard the Municipality and the inhabitants thereof from litigation and to insure the prompt, complete and correct installation of such improvements.
(c) Performance Bond. When after approval by Planning Commission, the owner, subdivider or agent has posted with the Clerk, a bond with a compensated surety company as surety, which bond shall assure the completion of the installation of the necessary improvements within the time fixed by the Planning Commission in an amount sufficient to pay the cost and expense of installing such improvement as estimated by the Engineer, and shall be in such form as the Law Director approves.
(Ord. 2016-07-24. Passed 8-3-16.)