(A) General. Prior to installation of any required improvements done by subdivider or his or her contractor, the subdivider or his or her contractor shall enter into an agreement with the city requiring the subdivider to furnish and construct said improvements at his or her sole cost and in accordance with plans and specifications and usual contract conditions all approved by the City Engineer. This agreement shall include provisions for the engineering and design of the improvements by the City Engineer, supervision and inspection of details of construction by the City Engineer, and payment for these services at a rate to be determined by the City Council from time to time. The agreement shall grant to the City Engineer authority to correlate the work to be done under said agreement by any subcontractors authorized to proceed thereunder and with any other work being done or contracted by the city in the vicinity. The agreement may require the subdivider to make an escrow deposit or in lieu thereof, to furnish a performance bond, the amount of the deposit and the penal amount of the bond to be equal to the City Engineer’s estimate of the total cost of the improvements to be furnished under the contract, including the cost of inspection and design work by the city. On request of the subdivider, the contract may provide for completion of part or all the improvements covered thereby prior to acceptance of the plat, and in such event the amount of the deposit or bond shall be reduced in a sum equal to the estimated cost of the improvements to be furnished after the acceptance of the plat only. The time for completion of the work and the several parts thereof shall be determined by the City Engineer after consultation with the subdivider and shall be reasonable in relation to the work to be done, the seasons of the year, the proper correlation with construction activities in the subdivision. The provisions of this section shall be waived or amended as deemed appropriate by the City Engineer on those improvements which the city has agreed to install under the provisions of § 155.086 of this chapter.
(B) Financial guarantee. The agreement provided by division (A) above may require the subdivider to make an escrow or in lieu thereof furnish performance bond as set forth in division (D) below.
(C) Escrow deposit (if required). An escrow deposit shall be made with the City Clerk-Treasurer in a sum equal to the total cost as estimated by the City Engineer, including cost of inspection and design work by the city, of all of the improvements to be furnished and installed by the subdivider pursuant to the contract and which have not been completed prior to approval of the final plat. The city shall be entitled to reimburse itself out of said deposit for any cost and expense incurred by the city for completion of the work in case of default of the subdivider under this contract, and for any damages sustained by the city on account of any breach thereof. Upon completion of the work and termination of any liability to the city of the subdivider under this contract, the balance remaining in said deposit shall be refunded to the subdivider.
(D) Performance bond (if required). In lieu of making the escrow deposit above described, the subdivider may furnish the city with a public contractor’s performance bond in form prescribed by statute, with corporate surety, in a penal sum equal to the total cost as estimated by the City Engineer, including cost of inspection and design work by the city, of all of the improvements to be furnished and installed by the subdivider pursuant to the contract and which have not been completed prior to approval of the final plat. The bond shall be approved by the City Attorney and filed with the City Clerk-Treasurer.
(1992 Code, § 315:22) (Ord. 1069, passed 3-2-1993)