Prior to final plat approval, the owner/developer shall enter into an agreement with the city to guarantee installation or ensure the completion of improvements. The city will accept the subdivision and issue a certificate of final plat approval subject to the following guarantee requirements:
(A) Amount. The owner/developer shall provide a cashier's check to the city for an amount of 150% of the total estimated cost for improvements as approved by the Building Official or his or her designee(s).
(B) Term. The cashier’s check shall be deposited immediately. The owner/developer shall have a maximum of 60 days to complete the improvements, unless an extension is granted by the Building Official or his or her designees.
(C) City action. If the improvements have not been completed within the terms provided for in division (B) Term, above, the city may take one of the following actions:
(1) Construct the remaining improvements using the amount of the cashier’s check. Any balance remaining after the improvements have been constructed shall be returned to the owner/developer. The owner/developer shall be liable for any cost exceeding the amount of the cashier’s check; or,
(2) Continue to hold the funds until the owner/developer completes the required improvements.
(D) Release of guarantee.
(1) Certificate of completion. To request a release of a guarantee, the owner/developer’s engineer of record shall submit a certification of completion to the City Engineer or his or her designee that the development is complete and functional.
(2) Final inspection. The City Engineer shall conduct a final inspection of remaining guaranteed items. The final inspection must be approved prior to releasing the guarantee.
(3) Guarantee released. When the guarantee is released, the city shall reimburse the owner/developer for the amount of the cashier’s check.
(Ord. 2013-04-417, passed 4-2-13; Am. Ord. 2013-09-440, § 152.300.10, passed 9-3-13)