(a) Purpose. A performance bond shall be posted by the subdivider to guarantee to the Municipality that in the event the required public improvements and utilities which were an integral part of the approved final plan are not installed, the Municipality may install such required public improvements and utilities at the expense of the subdivider.
(b) Bond Requirements. The required bond shall be so worked as to insure the completion of the improvements, to the extent required by these Regulations or which may be required by the Planning and Zoning Commission, including: the construction of all roads and pavements; all sidewalks and curbs and the installation of a storm drainage system; all sanitary sewage facilities; water courses and bridges; the installation of trees, the grading of lots, the seeding of lawns, provision for adequate rear yard drainage, the installation of all curb cuts and driveways, and the setting of all monuments.
The applicant shall within one year of the date of approval of the Final Plat by the Commission, file with the Municipal Clerk a surety bond in favor of Obetz. Such bond must be executed by a surety company authorized to enter into such bonds under the laws of the State of Ohio. The bond shall be in such amount and in such form and contain such conditions as the Commission may require. The bond shall not be released by the Commission until the Municipal Engineer and the Utilities Superintendent has determined that all of the bond conditions have been fully satisfied and until the required Maintenance Bond has been filed with the Municipality. No building permit shall be issued for more than one single-family house on the approved subdivision until the bond is accepted. No Certificate of Occupancy for said single-family house shall be issued until said bond is accepted and the binder coat is laid on the subdivision road.
Should a subdivision be approved in sections, the above requirements may be applied by section, rather then to the subdivision as a whole at the option of the subdivider unless specifically required by the Commission. Requirements by the Commission may include thoroughfare and infrastructure improvements that are deemed appropriate for the large development and necessary for incremental development of the section.
(c) Term of Performance Bond Extension. The term of a performance bond may be extended by the Commission upon approval of a petition from the developer to the Commission requesting an extension subject to agreement of such extension by the surety company.
(d) Maintenance Bond. Prior to the release of a performance bond, the subdivider shall present a maintenance bond equal to 20% of the value of the public and private improvements required by the approved subdivision plans and the subdivision regulations. The developer or designated representative shall meet with Municipal officials during the eleventh (11th) month of the one-year maintenance bond to perform a final inspection of the improvements. Any deficiencies shall be documented in writing and provided to the developer who shall take appropriate action in addressing said deficiencies.
(e) "As Built" Drawing and Release of Bond. Application for the release of the performance bond, (insuring the proper installation of required improvements), upon completion of all required improvements, must include "As Built" drawings if any changes from the approved plans have been made. Two copies of the above "As Built" shall be submitted to and approved by the Utilities Superintendent and the Municipality Engineer, showing the location of said improvements, as constructed, in both plan and profile. In addition, a revised grading plan, denoting any change made in the direction of surface water runoff which resulted from a change in the approved grading plan, shall be submitted to and approved by the Commission prior to the release of the bond. The "As Built" drawings and revised grading plan shall be signed by a land surveyor licensed in the State of Ohio.
(f) Warrantee Deed. A Warrantee Deed, acceptable to the Municipal Solicitor, conveying streets, drainage right-of-way easements, and reserved strips for future streets, to Obetz must be filed with the Commission before acceptance of streets is recommended to the Municipal Council. After acceptance by the Municipal Council, the deed must be filed in the Municipal Clerk’s Office by the developers.
(g) Bond Instructions
(1) The bond form obtainable from the Zoning Inspector is the only one acceptable to the Commission.
(2) The bond must be for the total amount required by the Commission.
(3) Power of Attorney of person signing on behalf of the surety company must be attached to the bond if not already on file with the Commission.
(4) If the person acting as attorney for the surety company is not a licensed resident agent of the State of Ohio, then a licensed Ohio resident agent of the company shall countersign this bond.
(5) The signatures of two witnesses are required on the bond.
(6) If the subdivision applicant is a corporation, then the corporate seal must be shown in addition to the seal of the bonding company.
(7) The bond must show the bond number and the name of the bonding company’s local agent.
(8) Obetz requires a completion date of five (5) years.
(9) The Commission will consider application for an extension of time to complete improvements when good cause for delays is shown and the extension is agreed to by the surety company.
(10) Performance bonds shall not be released until the “As Built” drawings, as required in Section 1117.02(e), and all improvements have been approved by the Commission and the road has been accepted by the Municipal Council. No road completed after October 31 shall be accepted prior to April 1 of the succeeding year.
(b) Cash Bond. The Commission may, as its discretion, require the posting by the developer of a cash bond in lieu of any or all of the provisions of this Section. Interest on such bond shall accrue to the developer, but in no event shall be payable thereto until performance has been completed in accordance with all of the provisions of the Regulations. The Commission shall determine the amount of such bond.