No plat for record shall be approved for record purposes until the Engineer certifies that all utility plans required in Section 1228.01 have been approved in accordance with the requirements of these Regulations and until the preliminary plat, plans and specifications have been approved in accordance with Section 1228.02. Should it not be desirable or possible to install any or all of the improvements prior to the submission of the final plat to the Planning Commission and Council for approval, then such plat may nevertheless be approved for record purposes, but not for the purpose of accepting the dedication of any streets thereon, only after the improvements required by Section 1228.01 have been installed or one of the following, procedures has been complied with by the owner, subdivider or agent with respect to such improvements:
(a) 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 Director of Finance for the purpose of the installation of such improvements by the Municipality at such time and in such manner as Council may determine or the installation thereof by the owner, subdivider or agent at such time and manner and in accordance with an escrow agreement, executed by the owner, subdivider or agent, in a form satisfactory to the Law Director and approved by Council.
(b) When after approval by a majority vote of all the members of Council elected thereto, there has been provided to the Director of Finance 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:
(1) 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.
(2) 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 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 material man. It shall be understood that the responsibility of engaging such contractors, subcontractors and material men is that of the owner, subdivider or agent, and not that of the Municipality or the bank or savings and loan institution.
(3) Such other terms and conditions as shall be required by the Law Director or 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.
(c) When after approval by a three-fourths vote of all of the members of Council elected thereto, the subdivider, owner or agent has posted with the Director of Finance, 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 Engineer, and shall be in such form as the Law Director approves.
(Ord. 2000-37. Passed 5-15-00.)