To guarantee the construction or maintenance of required improvements prior to the approval and recording of the final plat, the subdivider shall be required to provide a performance guarantee in one or a combination of the following arrangements;
(a) Performance Bond. The subdivider may post a bond executed by a surety bond company equal to the estimated cost plus ten percent (10%) of the required improvements. The bond shall be in favor of the Village Council. The bond shall guarantee construction of the improvements according to the plans and specifications approved by the Commission and the responsible public officials. The term of the bond shall not exceed two years, except the Commission may grant an extension where due cause can be shown.
(b) Deposit. The subdivider may make a deposit with the Fiscal Officer, with a responsible escrow agent, or with a trust company. The deposit shall be money or negotiable bonds in an amount equal to the estimated cost plus ten percent of the required improvements. If a cash deposit is made, and agreement may be executed to provide payment to the contractor or the subdivider from the deposit as the work progresses and is approved by the responsible village officials.
(c) Contract Documents of Escrow Agreements. Where contract documents or escrow agreements for the proposed improvements are available, copies of such contracts shall be certified to the Village Council and when approved will constitute sufficient guarantee for the installation of required improvements in lieu of other methods stated above.
(d) Special Assessments. The subdivider may petition the Village Council to have the necessary road improvements constructed and levy assessments against property as provided in Ohio R.C. Chapter 727 and/or 729. Approval of such petition by official action of the Village Council shall be required.
(e) Failure of Subdivider to Complete Improvement. In case the subdivider shall fail to complete the required public improvements work within such time period as required by the conditions or guarantees as outline above, the Village Council may proceed to have such work completed and reimburse itself for the cost thereof by appropriating the cash deposit, certified check, surety bond, or by drawing upon the letter of credit, or shall take the necessary steps to require performance by the bonding company. (Ord. 2000-0-02. Passed 1-24-00.)