Upon approval of a final plat by Council, the subdivider shall furnish a performance bond or other acceptable security prior to endorsement of the plat by the Village Mayor. Said bond shall be in one of the following forms:
(a) (1) The subdivider shall deposit a cash security with a local bank in the amount of 100 percent of the estimated cost of the improvements (storm sewers, sanitary sewers, water lines, pavements, sidewalks, curb and gutter, and landscaping, etc.) based on the then current State of Ohio prevailing wage rates. Said security shall be in favor of the Village of Plain City 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 to the subdivider only with the approval of the Village Administrator, 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 Village and shall authorize the release of any balance to the subdivider only upon acceptance of said improvements by Council.
(2) The Village Administrator, Zoning Inspector, and Village Engineer, in consultation with the subdivider, 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 Village 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) (1) 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 Mayor and Council, in such a form approved by the Village Solicitor, guaranteeing completion and maintenance of said improvements according to plans, profiles, and specifications and to the satisfaction of the Village 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 Village may complete the same after 30 days' written notice.
(2) The subdivider shall maintain all improvements in the subdivision and provide for snow removal in the same until final acceptance of all improvements is granted. Concurrent with acceptance of the subdivision, the subdivider shall submit a warranty/maintenance surety in an amount of ten percent (10%) of the original cost of the improvements which shall be in force for two years following acceptance of any required improvements and shall guarantee satisfactory performance of the said improvements.
(3) For a period of two years from the date the constructed improvements are accepted by Council, the subdivider shall make such repairs or replacements as may be required by reason of defective workmanship or material.
(4) In addition to the required performance bond, the Village 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, and damages as a result of a poorly executed erosion and sedimentation control plan. The amount of said bond shall be as determined by the Village Administrator based on his estimate of potential damage. Restoration bonds shall be released when all damaged facilities, if any, have been restored to the satisfaction of the Village Engineer. Where the subdivider is aggrieved by a decision of the Village Engineer, he may appeal said decision to the Planning and Zoning Commission.
(Ord. 06-08. Passed 2-25-08.)