(A) Before the time when the secondary plat is recorded, the subdivider shall file a performance bond, cash bond with the Clerk-Treasurer to secure the completion of unfinished public improvements within the subdivision. The performance bond or cash bond shall:
(1) Be drawn in favor of the Town Council;
(2) Be in an amount determined by the Plan Commission to be sufficient to complete the improvements and installations in compliance with this chapter. The subdivider’s engineer shall supply an estimate of the cost of improvements and installation on the project to aid the Commission in its determination of the amount of the bond. The engineer’s estimate, however, shall not be binding upon the Commission;
(3) If a bond is submitted, it shall be issued by a “AAA” rated insurance company or bonding company;
(4) Comply with all statutory requirements and shall be satisfactory to the Plan Commission’s attorney as to form, sufficiency, and manner of execution as set forth in these regulations;
(5) Extend for the period within which required improvements must be completed as specified by the Commission in the resolution approving the secondary subdivision plat; and
(6) Cover the installation costs of the streets, sanitary sewers, curbs, street signs, sidewalks, and other recreational amenities, surface swales, subsurface and storm drainage systems, seeding/erosion control, landscaping, and other public improvements.
(B) If the Plan Commission is satisfied that the subdivider is financially solvent and trustworthy, the Commission may, at its discretion, waive the bond requirement, and require instead that the subdivider submit to the Commission a letter of commitment issued by a reputable lender, which confirms that the lender has committed to lend a sum certain to the subdivider for the purpose of installing the improvements required by this chapter. The Commission may require that the Town of Leo-Cedarville be included on the letter of commitment and that the letter contain such other provisions as are necessary to satisfy the Commission that the town will be protected in the event that the subdivider defaults on its obligations under this chapter.
(C) The Plan Commission may, upon proof of difficulty, recommend to the Town Council, extension of the completion date set forth in such bond for a maximum period of nine additional months. The Town Council may at any time during the period of such bond accept a substitution of principal or sureties on the bond upon recommendation of the Plan Commission’s attorney. The Town Council shall have the authority to increase the bond amount to cover increased costs.
(D) All required improvements shall be made by the applicant, at his or her expense, without reimbursement by the local government or any improvement district therein.
(E) The subdivider shall be required to maintain at his or her expense a construction manager or engineering firm to act as the on-site representative for the subdivider and to manage the construction of the subdivision improvements. The on-site representative shall certify that the subdivision construction is in compliance with the detailed construction plans submitted to the Plan Commission during the review of the secondary plat. The on-site representative shall submit monthly progress reports to the Town Engineer during construction and should notify the Town Engineer 72 hours ahead of scheduled work so that an inspection can be made. A final report shall be submitted to the Plan Commission and the Town Council by the on-site representative or his or her firm.
(F) If the Town Engineer finds upon inspection that any of the required improvements have not been constructed in accordance with the construction standards and specifications, the applicant shall be responsible for correcting any errors in construction and completing the improvements in accordance with such standards and specifications.
(G) If a secondary plat is divided into phases, the Plan Commission may allow for performance bonds to be submitted to cover only the cost of improvements to be constructed in each phase.
(Ord. passed - - )