1124.06 CONSTRUCTION OF GOLF COURSE WITHIN A RECREATION AND RESIDENTIAL DEVELOPMENT.

   In order to insure that a golf course will be constructed within a recreation and residential development and that, once constructed, the golf course will be preserved as a golf course, the following regulations shall apply:

   (a)   Guaranteeing Construction of Golf Course. As a condition for approval of a development plan pursuant to Section 1124.11, the owner or developer of the R & R District shall execute a completion guaranty ("completion guaranty") for the benefit of the City, guaranteeing the completion of the golf course within two years following the issuance of the first building permit within the R & R District. The completion guaranty shall be secured in either of the following manners, at the owner's election:

      (1)    By the delivery of a performance bond for the benefit of the City, in the amount of the anticipated costs of constructing the golf course as determined by the golf course architect and confirmed by the City Engineer ("completion cost"), issued by one or more surety companies authorized to conduct business within the State of Ohio, which bond shall be in a form approved in writing by the Director of Law; or

      (2)    By deposit of cash, in the amount of the completion cost, with the City or with an escrow agent or trustee. In the event funds are deposited with an escrow agent or trustee, all documents or instruments governing the terms of such deposit shall be approved in writing by the Director of Law.

         When the City Engineer has certified in writing that the golf course has been satisfactorily completed in accordance with the plans previously approved by Council, the performance bond submitted by the owner or developer shall be cancelled and/or any cash deposited with the City or with an escrow agent or trustee shall be returned.

   (b)    Imposition of Restrictive Covenants. Following the approval of a development plan pursuant to Section 1124.11 but prior to the issuance of the first building permit for the construction of a dwelling unit within the R & R District, the owner or developer of the R & R District shall cause to be recorded in the office of the Cuyahoga County Recorder a deed, declaration or other instrument, in form approved by the Director of Law, requiring that the land upon which the golf course is to be constructed shall be restricted in perpetuity (except as provided in the following sentence) for golf course use and for no other use, which restriction shall run with the land. The deed, declaration or other instrument creating such restriction may provide that after a period of forty years following the recordation thereof the foregoing restriction may be amended, modified or removed with the written consent of at least sixty percent (60%) of the owners of dwelling units within the R & R District.

      (Ord. 40-1986. Approved by electors 11-4-86.)