§ 150.55 ASSURANCE OF CONSTRUCTION IN LIEU OF COMPLETION OF PUBLIC IMPROVEMENTS.
   In lieu of actual construction of the public improvements, a subdivider may assure the completion of the construction of public improvements shown on the improvement plan, and as required by this code by:
   (A)   Furnishing a performance bond, certified check, or other guarantee of security to the satisfaction of, and in favor of, the city council, and in an amount equal to 110% of the city engineer's estimate of the cost of the construction of the physical improvements within that portion of the subdivision submitted for recording, including outlet sewer and water supply where available, as shown on the detailed improvement plan and as required under §§ 150.30 through 150.35.
   (B)   Executing a subdivider's contract which shall take the following form subject to such amendments as recommended by the planning commission and as approved by council.
   (C)   Subdivider's contract.
   This contract executed on the _____ day of _____________ , 20___ by and between _________________________ , subdivider, as evidenced by a proposed plat of a subdivision which is on file in the office of the Springdale Planning Commission, referred to as _________________ Subdivision, City of Springdale, Ohio, and the City of Springdale, Ohio.
   WITNESSETH:
   (1)   The subdivider(s) herein above set forth are/is the owner(s) in fee simple of the real estate known as ______________ Subdivision, located and situated on Section _______ , Town ________ , Range _______ and _____________ Township, Hamilton County, Ohio.
   (2)   It is the purpose and intention of this agreement to have subdivider(s) agree in writing to the performance and completion of certain work in connection with the improvements to be located in and on said subdivision, including installation of streets, utilities, etc. It is further the purpose of this agreement to enter into a contract obligating the Subdivider(s) to perform as hereinafter set forth, which contract shall be secured by a performance bond, or certified check attached hereto and made a part hereof.
   NOW, THEREFORE, IT IS AGREED:
   A.   Subdivider(s) as herein before described, do(es) herewith agree to construct, install, and provide all public improvements as shown on the _______________ Subdivision Preliminary Plan on file in the office of the City of Springdale Planning Commission, and those improvements required under Chapter 152 & 153 of the Subdivision Regulation of the City of Springdale including specifically the attached work which has been determined by the engineer of the City of Springdale, Ohio to be performed but incomplete as of this date:
   B.   Subdivider(s) further agree(s) to construct, install, or otherwise make all public improvements shown on the subdivision preliminary plan, those further shown and set forth to be done and performed by the engineering drawings as specifications noted or shown on the detailed improvement plan on file in the office of the Springdale Building Official, and those further improvements required under Chapter 151 of the Codified Ordinances of the City of Springdale and to the satisfaction of the City Engineer on the date of acceptance.
   C.   Subdivider(s) further agree(s) to do all that is necessary to accomplish the acceptance of the road(s) as public road(s) within the specified time limit, which includes posting a guarantee surety with the city as prescribed in Section 156.02 of the Codified Ordinances of the City of Springdale.
   D.   All of the foregoing shall be performed within a period of ___ years from the date of this contract, which length of time is hereby fixed by said city as a reasonable period of time, but, if requested by the subdivider, an extension thereof may be granted if approved by said Board.
   E.   Subdivider(s) do herewith and hereby agree to execute a performance bond or certified check in the sum of ___________________ ($ .00) dollars, which amount is equal to the figure established by the Springdale City Engineer, and which shall be to the satisfaction of and in favor of, the City of Springdale, Ohio, to insure the faithful performance of this contract.
   IN WITNESS WHEREOF, the parties have hereunto set their hands this ______ day of ______ , 20___
Witness:                     ______________________________
                           Subdivider
                           CITY OF SPRINGDALE
                        By
(Ord. 26, 1978, passed 6-21-78; Am. Ord. 40-2010, passed 12-15-10)