In lieu of constructing improvements, the subdivider may apply for final plat approval by insuring completion of the required improvements by one of the following methods:
(a) A surety performance bond may be posted with the Village, sufficient to cover the full cost of said improvements as estimated by the Engineer to assure the satisfactory installation of said improvements.
(b) The subdivider may deposit in a bank or savings and loan association in Madison County, Ohio, the sum of not less than the total estimated improvement cost, to be held in escrow to guarantee the satisfactory completion of said improvements within the required time, the form of said escrow to be subject to the approval of the Solicitor and which agreement may provide for the making of payments from such funds from time to time upon certificates of the Engineer that the balance remaining after such payments will, in his opinion, be adequate to pay the remaining costs of said improvements.
(c) The subdivider may deposit with the Village a certified check in the amount of the total estimated improvement cost, to be held in escrow until the satisfactory completion of construction, unless there be a default in the completion of said improvements, in which event the check may be cashed by the proper official and the proceeds thereof used to complete the improvements, to pay claims connected therewith for which the subdivider may be liable, or to cure any other default of the subdivider connected with the making of said improvements.
(Ord. 22-089. Passed 12-5-22.)