(a) No lot, proposed lot, or parcel of land which is subject to these regulations shall be sold or leased, nor shall there be any building permit issued for the construction of a building on the lot or parcel of land until the improvements required by those regulations, or assurance of their completion have been completed. The assurance of completion of improvements shall be satisfied by the furnishing a performance bond issued by an insurance, surety or bonding company licensed to do business in the State of Ohio or an irrevocable letter of credit issued by a commercial bank as approved by the Village Law Director. When the improvements have been completed, the Village, if requested by the subdivider, will provide a written document accepting the improvements for ownership and for future maintenance.
The Village Engineer shall determine the amount of the bond or letter of credit based upon the actual projected cost to the Village to complete the improvements in accordance with these regulations. (Ord. 98-21. Passed 4-6-98.)
(b) The developer shall give written notice to the Village Engineer when improvements covered by bond have been completed. The Village Engineer shall then make any and all inspections essential to the determination that the improvements conform to all standards of this chapter. The Village Engineer shall within 14 days of receiving the heretofore described written notice, convey a written report to the Village Council and the developer, stating his approval or disapproval, as the case may be. In the event the Village Engineer disapproves, he shall state his reasons for doing so in a written report to both parties. On approval of the improvements, the performance bond or surety bond shall be replaced by a maintenance bond equal to 10% of the performance bond for a duration of one year. This will be released after the final acceptance inspection. The builder/developer will initiate the release of the surety within two years.
(Ord. 81-56. Passed 12-28-81.)