Upon conditional approval of a final plat by Council, the subdivider shall furnish bond or other acceptable security prior to endorsement of the plat by the City Manager. Said bond shall be in one of the following forms:
(a) The subdivider shall deposit a cash security with a local bank in the amount of 100% of the estimated cost of the improvements (storm sewers, sanitary sewers, water lines, pavements, etc., excluding sidewalks). Said security shall be in favor of the City of Mentor who shall have sole control of disbursement. The local bank shall be directed to pay out portions of the cash security towards the completion of said improvements only with the approval of the City Engineer, who may require a balance to be maintained which in his opinion is sufficient to complete said improvements in accordance with the plans and specifications of the City and shall authorize the release of any balance to the subdivider only upon acceptance of said improvements by Council. The Director of Planning and the City Engineer shall establish a time period for the completion of required improvements. In the event said improvements are not constructed within the designated time period and not maintained, the City shall have the option after 30 days written notice to the subdivider to complete and maintain said improvements and to collect and receive from the local bank any remaining balance of said deposit to be applied toward payment of costs and expenses of completing said improvements, or
(b) The subdivider may petition the City to construct said improvements and assess the total against the benefitted lots. This procedure may be followed upon conditions that the subdivider furnishes the City with a bond, with surety to the satisfaction of the Manager, guaranteeing the payment of the assessments as they fall due. Said bond may provide that as structures are constructed and sold to the individual owners the amount of the bond shall be reduced not more than once each year in proportion to the amount of the assessment against such lots. When structures have been completely constructed on 75% of the lots the bond shall be released, or
(c) The subdivider may furnish corporate surety bond in the principal amount of the estimated cost of said improvements with surety to the satisfaction of the City Manager, in such form as is approved by the Law Director, guaranteeing completion and maintenance of said improvements according to plans, profiles and specifications and to the satisfaction of the City Engineer. Said bond shall remain in effect until said improvements have been completed and maintained as provided in these regulations and until released by authority of Council. Said bond shall provide that upon default of performance by the subdivider the City may complete the same after 30 days written notice.
(d) In addition to the required performance bond, the City Engineer may require a restoration bond. Said bond shall be to insure repair of any damage done to existing curb, gutter, sidewalk, driveways, street pavement, landscaping, or other items within the right-of-way adjacent to a subdivision. The amount of said bond shall be as determined by the City Engineer based on his estimate of potential damage. Restoration bonds shall be released when all damage facilities, if any, have been restored to the satisfaction of the City Engineer. Where the subdivider is aggrieved by a decision of the City Engineer, he may appeal said decision to the Planning Commission.
1(1969 Code 152.071; Ord. 18-O-075. Passed 9-4-18.)