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A. The purpose of this guarantee is to ensure the completion of proposed improvements as required by this manual, other ordinances, Hearing Examiner conditions, SEPA mitigation, etc. The construction guarantee will also ensure completion of an improvement in County right-of-way or on County property in the event that a project is abandoned after construction has begun.

B. The construction guarantee amount can be determined by submitting a scope of work to be accomplished and an engineer's estimate for the cost thereof. The estimate shall be based on current construction cost data. The County will review the estimate and, if acceptable, establish the financial guarantee at 125 percent of the estimate to allow for inflation and administrative expenses should the County have to complete the work. Alternatively, the amount can be determined by using the same percentage of an executed construction contract for all of the work to be guaranteed.

C. When work is proposed in the County right-of-way, a construction guarantee must be accepted by Pierce County prior to approval of the site development and right-of-way permits for the project. The financial guarantee may be in lieu of construction of required improvements within public rights-of-way except in situations where the work involves a safety or public welfare issue. A construction guarantee for work on private property is required when the project principal desires to obtain final approval of the development project (final plat, short plat, large lot, etc.) prior to construction of some or all of the necessary improvements.

D. The following conditions must be met prior to release of the construction guarantee:

1. Completion of the necessary improvements;

2. Submittal to and acceptance by the County of the Engineer's Inspection Report Form;

3. Acceptance by the County of the completed construction; and

4. Submittal to and acceptance by the County of the Defect and Maintenance Guarantee.

E. All improvements covered under a construction financial guarantee must be completed prior to the expiration of the site development permit. The County may begin collection proceedings after expiration of the site development permit.

(Ord. 2015-48s § 1 (part), 2015; Ord. 2008-59s § 2 (part), 2008; Ord. 99-24S § 2 (part), 1999)