(a) Council shall not accept as public streets any streets or public ways which are designated as such on the plats of territory in the City which are hereafter platted until or unless all necessary water mains, sanitary sewers, storm sewers, sidewalks and paving or any other improvements which are required shall have been installed or constructed in such platted territory or until or unless an irrevocable letter of credit or an escrow agreement from any of the area commercial or savings and loan banks guaranteeing to the City that funds are available to pay the cost of such improvements, including all costs and expenses in connection herewith, shall be deposited with the Commissioner of Taxation and Treasury of the City.
In lieu of the aforementioned letter of credit or escrow, a performance bond with surety or sureties sufficient to pay the cost of installing or constructing such improvements, including all costs and expenses in connection herewith, may be filed with the Commissioner of Taxation and Treasury.
The letter of credit, escrow agreement or performance bond shall be approved by the Director of Finance as to surety, by the Director of Law as to form, and by the Director of Public Service as to amount to pay the cost of constructing such improvements, including all costs and expenses in connection therewith, and shall have included therein, that the construction and installation of such improvements required shall be completed in their entirety within a period of time determined by the Director of Public Service, but in no way to exceed four years from the date of the instrument, with the exception of any required sidewalks which shall be completed in their entirety within a reasonable period of time determined by the Director of Public Service. The Service Director will use the following criteria to determine the length of time to complete the improvements: safety and service to the public; size and configuration of the plat; building development on the platted lots; and any other criteria that is deemed essential to the health and welfare of the citizens of Toledo. The Service Director may require the security instruments to be adjusted and renewed at the end of any two year period. Should such improvements not be completed within four years, or the shorter time period as prescribed by the Director of Public Service, or the sidewalks within the period of time prescribed by the Director of Public Service, the instrument shall provide that the subdivider who presents the plat for approval and recording authorizes the City to make such installations, and complete such improvements, and to pay for the same with funds so guaranteed. The subdivider shall have a right to appeal the length of time to complete subdivision improvements to a board consisting of the Law Director, Finance Director, and Executive Director of the Plan Commission. The Service Director and subdivider will abide by the board's final determination.
(b) When Council is hereafter requested to accept the public streets, alleys and public ways as may be designated on a plat of land within the City, such matters shall be referred to the Director of Public Service for determination as to the character and extent of the necessary improvements, as to whether or not such necessary improvements have been installed or constructed, including all costs and expenses in connection herewith, in the event same have not been installed or constructed in such territory. The cost of necessary engineering and testing by the Division of Transportation shall be determined by the Director of Public Service and shall be charged against and collected from the subdivider who presents such plat for approval and recording.
(c) The Director of Public Service is hereby authorized and directed to adopt such administrative rules, including the partial release of funds herein authorized to be deposited as in his opinion shall be necessary and requisite for the execution of the intention of this section.
(Ord. 325-94. Passed 6-21-94.)