(A) The City Clerk or Treasurer may release up to 75% of the amount of the escrow deposit upon receipt of written authorization from the City Engineer.
(1) The amount which the City Engineer authorizes to be released shall be equal to the value of improvements actually completed in accordance with approved plans.
(2) If escrow was provided in the form of an irrevocable letter of credit, the City Engineer may designate a portion of the reserved credit to be released and no longer obligated to the city.
(B) The balance of the amount of the escrow deposit shall not be released until:
(1) The City Engineer has notified the Code Enforcement Officer in writing that all required improvements have been satisfactorily completed;
(2) The improvements have been dedicated to and accepted by the city or other appropriate entity; and
(3) The subdivider/developer has posted the maintenance bond required by § 153.192.
(Ord. 2009-21, § 18.5-4-28, passed 10-5-2009; Ord. 2017-03, passed 3-6-2017)