(a) A Performance Bond (also known as Subdivision Bond) shall be provided prior
to the commencement of construction of the public improvements associated with the development should the construction follow approval of the Final Plat. Said Bond shall be made payable to and enforceable by the Auditor, Village of Waverly, OH and shall provide that the Owner/Developer, their heirs, successors and assigns, their agents or servants will comply with all applicable terms, conditions, and requirements of these ordinances. The Bond shall specify the improvements for which performance is guaranteed. The Owner/Developer shall provide a project schedule for the public improvements planned and overall project as agreed by the Village. Such period shall not exceed one-year unless mutually agreed. Should the Owner/Developer not be completed with the public improvements within 90-days of the schedule provided, the Village may consider the Owner/Developer in default and the Village may have access to all funds to finish construction. The bond shall be in the amount of 100% of the Owner/Developer’s engineer’s estimate for the public improvements which shall account for project inflationary costs for the duration of the project. The Village shall also be granted the power to renew the bond 30 days prior to the expiration date of the bond if deemed necessary by the Director. Upon completion of the improvements and approval of the same in writing by the Village, and with the presentation of letters of certification of payment in full of all contractors, subcontractors, material suppliers, engineers, surveyors, and all inspection fees or other fees incurred by the construction of the improvements by the Owner/Developer, the performance bond shall be released in writing by the Auditor, Village of Waverly, OH. The bond shall be prepared on a form agreeable to the Village of Waverly, OH.
(b) No Final Plat shall be approved unless the Owner/Developer shall have filed with the Auditor, Village of Waverly, OH a surety maintenance bond for twenty-five percent (25%) of the estimated costs of the improvements to guarantee the correction of any construction defects occurring within one (1) year after the construction thereof has been approved by the Village of Waverly. The bond shall be prepared on a form agreeable to the Village of Waverly, OH.
(Ord. 65-2015. Passed 11-2-15.)