(A) At the time of application for final approval of the plat, the subdivider shall provide a performance guarantee in accordance with § 151.124 of this chapter in the amount of the estimated cost of the proposed improvements to the open land guaranteeing the completion of such improvements with the time period set by the Village Council or this chapter.
(B) In addition to the performance guarantee, a maintenance guarantee for the open land shall be provided by the subdivider in accordance with § 151.124 of this chapter. Said maintenance guarantee shall be of such amount as determined and approved by the Village Council and shall be arranged for a period of one year from the date of acceptance of the improvements. The amount of the maintenance guarantee shall be determined by land conditions and the prevailing costs of labor and material.
(Ord. 537, passed 7-19-90)