1246.03 RELEASE OF SECURITY —————-.
The City of Springboro will not accept dedication of required improvements, nor release, nor reduce the amount of any security posted by the subdivider until the City Engineer has submitted a certificate stating that all required improvements have been satisfactorily completed and until the following stipulations are met:
(a) The applicant’s engineer or surveyor has certified to the City Engineer, through submission of a detailed “as-built” survey plat of the subdivision, indicating location, dimensions, materials, and other information that the layout and grade of all public improvements is in accordance with the approved construction drawings.
(b) If the security posted by the subdivider was a cash escrow, the amount of that escrow shall be reduced upon actual acceptance of the dedication of public improvements and then only to the ratio that the cost of the public improvement for which dedication was accepted bears to the total cost of public improvements for the subdivision. In no event shall a cash escrow be reduced below ten percent (10%) of the principal amount. Funds held in the escrow account shall not be released to the subdivider, in whole or in part, except upon resolution of the City Council. At the end of the maintenance and warranty periods, all escrowed funds, if any, shall be released to the subdivider by the Planning Director. In no event shall waivers be executed that would reduce the security below ten percent (10%) of its original amount.
(Ord. 04-41. Passed 8-19-04.)