A developer shall be responsible for completing construction and installation of all required improvements in a proposed subdivision prior to the granting of the final plat approval by the Planning Commission. As consideration for final plat approval in lieu of the actual installation or completion of the improvements required by these Subdivision Regulations, the developer shall furnish a 100% construction performance guarantee providing for the completion of the required improvements which shall be deposited and remain at all times with the Clerk of the Village of Lordstown. Only those uncompleted improvements authorized by the Road Commissioner, the Board of Public Affairs, the Planning Commission and/or County Sanitary Engineer will be permitted to be included in the performance guarantee, all other required improvements shall be completed by the developer prior to final plat approval by the Planning Commission.
The construction performance guarantee shall be in the form of a surety performance bond or other financial instrument acceptable to the Village Solicitor which binds the developer to the completion of the required improvements. The performance guarantee shall be in the amount of not less than 200 percent of the total estimated cost as determined by the Road Commissioner, the Board of Public Affairs and/or County Sanitary Engineer of all uncompleted work for the construction and installation of the required improvements in a proposed subdivision. The performance guarantee shall be made payable to and enforceable by the Village of Lordstown and/or County as appropriate and shall provide that the developer; his/her heirs, successors and their agents will comply with all requirements of these Subdivision Regulations. All required improvements shall be completed by the developer within two years from the date of final plat approval by the Planning Commission unless an extension of time has been granted. The construction performance guarantee shall not be allowed to expire prior to the completion of all improvements and shall remain in effect until released by the Village of Lordstown.
The construction performance guarantee shall be released once all improvements have been inspected and approved by the Road Commissioner, the Board of Public Affairs and/or Sanitary Engineer, a maintenance guarantee is in effect, all fees and reimbursements required by any Village Department and these Subdivision Regulations, have been paid by the developer; and a satisfactory set of as-built drawings has been submitted by the developer.
The work performed under the jurisdiction of the Village Road Commissioner (per Section 1108.03) and the Board of Public Affairs shall be a separate guarantee from the work performed under the jurisdiction of the County Sanitary Engineer.
(a) Extension of Time. If the construction or installation of any improvement or facility for which guarantee has been made by the developer in the form of a performance bond is not completed within two years from the date of final plat approval by the Village of Lordstown Planning Commission, the developer may request the Planning Commission to grant a time extension of six months, provided he can show reasonable cause for inability to complete said improvements within the required two years. If granted the time extension shall not affect the terms of the original construction performance guarantee, which shall remain enforceable and in effect until released by the Village of Lordstown.
(b) Failure to Complete Improvements. If within two years from the date of final plat approval, the developer fails to complete the construction and installation of the required improvements for which a performance guarantee has been posted and unless an extension of time has been approved by the Planning Commission; the Road Commissioner and/or the County Sanitary Engineer shall notify the Planning Commission in writing that the developer has defaulted on the requirements of these Subdivision Regulations. The Planning Commission, acting on behalf of the Village of Lordstown Council, shall notify the developer and the financial institution or surety company of such failure and its intention to proceed to have such work completed by appropriating the surety bond, and take the necessary steps to require performance by the bonding company.
(Ord. 56-2005. Passed 10-3-05.)