1248.06  COUNCIL ACCEPTANCE OF DEDICATION; TITLE INSURANCE; GUARANTEEING FUNDS FOR UNFINISHED IMPROVEMENTS.
   (a)   After a plat for record has been approved for record purposes only and has been so recorded, and after all of the specified improvements have been completed to the satisfaction of Council, acting upon the advice of the City Engineer that such improvements have been constructed in accordance with the plans and specifications approved by him or her, Council may enact an ordinance accepting the dedication of the streets, roads, parks, playgrounds and other public places shown thereon and thereafter cause to be entered upon such plat appropriate clauses evidencing the acceptance of dedication. 
   (b)   Any acceptance by the Municipality of the dedication of streets, roads, parks and playgrounds and other public places shall, however, be conditioned upon the developer furnishing to the Municipality, thirty days prior to the acceptance of dedication, title insurance in the amount of at least one thousand dollars ($1,000) in form meeting the approval of the City Law Director, covering all lands to be dedicated to public use and showing title to the same to be in the Municipality free and clear of any easements, taxes, liens, assessments or other encumbrances of any kind whatsoever, except the easements required by these Regulations.  In the event that the lands to be dedicated include lands to be used for other than street purposes, the amount of insurance shall be such as in the opinion of Council will adequately insure the Municipality against possible defects in the title thereof.  Such title insurance shall be furnished before the clauses are entered upon the recorded plat to evidence the acceptance of such dedication.  There shall also be deposited with the Municipality such sum as shall be required to pay any existing taxes, liens or other assessments which are a lien upon any lands to be dedicated.  Preliminary evidence of title may, upon recommendation of the City Engineer or Law Director, be required before the preliminary plat is approved by the Planning Commission.
   (c)   If all improvements required by Section 1248.01 have not been installed at the time of dedication, Council may proceed with the acceptance of dedication by permitting one of the following procedures with respect to these unfinished improvements:
      (1)   When, after approval by a majority vote of all the members of Council elected thereto, funds in an amount deemed by the Engineer sufficient to pay the cost and expense of all improvements not installed, are placed on deposit with the municipality for the purpose of the installation of such improvements by the municipality at such time and in such manner as the Council may determine, or for the purpose of the installation of such improvements by the owner, subdivider or agent at such time and in such manner as provided in an escrow agreement executed by the owner, subdivider or agent, in a form satisfactory to the City Law Director and approved by Council.
      (2)   When, after approval by a majority vote of all the members of Council elected thereto, there has been provided to the City Engineer a written agreement of any bank or savings and loan institution, the main office of which is situated in Cuyahoga County, which agreement is executed by an officer of the bank or savings and loan institution, and by the owner, subdivider or agent, and contains the following assurances, guarantees, commitments and other terms and conditions:
         A.   That there are on deposit in such bank or savings and loan institution, in an escrow account, funds in an amount deemed by the Engineer sufficient to pay the cost and expense of installing all of such improvements;
         B.   That the bank or savings and loan institution will act as sole disbursing agent for the funds and will, upon receipt of appropriate certificates of completion furnished by the City Engineer, have the sole responsibility for and will pay directly all just bills for services or materials in connection with the installation of such improvements submitted to it by any contractor, subcontractor or materialman. It shall be understood that the responsibility of engaging such contractors, subcontractors and materialmen is that of the owner, subdivider or agent, and not that of the Municipality or the bank or savings and loan institution.
         C.   Such other terms and conditions as shall be required by the City Law Director or the Council, not inconsistent with the above, in order to properly safeguard the Municipality and the inhabitants thereof from litigation and to insure the prompt, complete and correct installation of such improvements.
      (3)   When, after approval by a majority vote of all the members of Council elected thereto, the subdivider, owner or agent has posted with the City Engineer a bond, with a compensated surety company as surety, which bond shall assure the completion of the installation of the necessary improvements within the time fixed by Council, in an amount sufficient to pay the cost and expense of installing such improvements as estimated by the City Engineer, and which bond shall be in such form as the City Law Director approves.
(Ord. 1970-232.  Passed 9-15-71; Ord. 98-114. Passed 9-1-98; Ord. 04-133. Passed 6-1-04.)