(a) For all PDs, the City shall require a performance bond equal to the total cost of the improvements to be completed. Such bond shall set forth the City as the beneficiary and shall be issued by a reputable and solvent bonding company, licensed to do business in Ohio and shall be deposited with and retained by the City until all improvements are constructed to the satisfaction of the Engineer (for public improvements) and the Building Commissioner (for private improvements). The City may waive such performance bond requirement if there is a Development Agreement with the City, which governs such security provisions.
(b) After the public improvements are completed and accepted by the Engineer, the Engineer may require the developer to provide the City with a two (2) year maintenance bond of at least ten percent (10%) of the approved estimated cost of construction. The developer shall complete the construction or repairs of all improvements within two (2) years from the date of permission to proceed. Otherwise, the City shall have the right to use the performance bond money to complete the improvements. Council may extend the aforesaid two (2) year period for good cause.
(Ord. 17-17. Passed 3-20-17.)