In lieu of constructing improvements, the subdivider may apply for final plat approval by insuring completion of the required improvements in accordance with the following.
(a) The owner shall have completed, or shall have agreed in writing to complete, all public improvements required by the final development plan within one year from the date of approval of the final plat, or such extension of time as may be granted by Council, and the owner shall have agreed that he or she will maintain such public improvements for a period of one year after their acceptance by the village.
(b) The owner has agreed that all construction work and materials used in connection with public improvements in the area platted will conform to the requirements of the village and be installed under the Village Engineer’s general supervision; that he or she will notify the Village Engineer in writing three days or more before any construction has begun on such improvements in order to permit inspection; that he or she will hold the village free and harmless from any and all claims for damages of every nature arising or growing out of the construction of such improvements and that he or she shall defend, at his or her cost and expense, any suit or action brought against the village by reason thereof, until the improvement has been accepted by the village; that in the event of any violation of, or noncompliance with, any of the provisions and stipulations of the agreement, the village shall have the right to stop work forthwith and complete or cause the completion of such improvements according to the approved plat and agreement; and that in such event the owner shall reimburse the village for any and all expenses incurred thereby.
(c) The owner has furnished a subdivision bond and a maintenance bond payable to the village, with sureties acceptable to Council, conditioned upon performance by the owner of the agreement, or, in lieu of such bonds, some other security satisfactory to Council. The amount of the subdivision bond shall be equal to the estimated costs of constructing the improvements. The maintenance bond shall be in an amount of 10% of the subdivision bond for the purpose of maintaining the improvements for a period of one year. The subdivision bond shall provide that it cannot be terminated or canceled without approval of the village, and shall remain in force until such improvements have been accepted by the village Engineer. The maintenance bond shall become effective on the date the improvements are accepted by the Village Engineer and shall remain in effect for a period of not less than one year and until any and all corrective measures have been accomplished and are approved by the Village Engineer.
(d) The subdivider may deposit in a bank or savings and loan association in Franklin County, Ohio, a sum of not less than the total estimated improvement cost, to be held in escrow, to guarantee the satisfactory completion of such improvements within the required time. The form of the escrow agreement shall be subject to the approval of the Director of Law and such agreement may provide for the making of payments from such funds, from time to time, upon the filing of certificates from the Village Engineer stating that the balance remaining after such payments will, in his or her opinion, be adequate to pay the remaining costs of the improvements.
(e) The subdivider may deposit with the village a certified check, in the amount of the total estimated improvement cost, to be held in escrow until the satisfactory completion of construction, unless there is a default in the completion of such improvements, in which event the check may be cashed by the Fiscal Officer and the proceeds thereof used to complete the improvements, to pay claims connected therewith for which the subdivider may be liable or to cure any other default of the subdivider connected with the making of such improvements.
(Ord. 5-89, passed 5-8-1989)