18E.10.140 – Appendix C Forfeiture of Financial Guarantees
Failure to complete any performance, mitigation, or monitoring requirement may result in the forfeiture of a financial guarantee. Once a financial guarantee is forfeited, the following process will apply:
A. Financial guarantees necessary to ensure the completion of required improvements will no longer be accepted by PPW (Development Engineering, Resource Management, Current Planning) to allow final approval of any plat (short plat, formal plat, large lot) from any principal with any outstanding default(s). Necessary improvements must be constructed and must be accepted as complete prior to the final approval (short plat, large lot, formal plat).
B. Financial guarantees that are necessary for approval of a permit (such as a site development permit) to allow construction to begin will still be accepted from applicants who have defaulted as follows:
1. Financial guarantees for work in existing County right-of-way will still be accepted, however these financial guarantees must be by bond and must be for two times the required amount (2 x 125 percent of estimate).
2. Financial guarantees for reclamation will still be accepted, however these financial guarantees must be by bond and must be for two times the required amount (2 x number of disturbed acres x $1,500.00).
3. Financial guarantees for wetland mitigation construction and wetland monitoring will be accepted, however these financial guarantees must be by bond and must be for two times the required amount.
4. Financial guarantees for temporary road approaches must be by assignment of funds and must be for two times the required amount.
5. Financial guarantees that have been accepted in order to allow permit approval to construct plat improvements do not create rights to obtain final approval of the plat (short plat, formal plat, large lot).
C. 18-month guarantees are required after site development improvements are complete to warranty defects in design, construction, etc. 18-month guarantees will still be accepted from applicants who have defaulted, but these guarantees must be by bond and must also be equal to two times the required amount or $5,000.00, whichever is higher.
D. Applicants who have defaulted on a financial guarantee can clear the outstanding default and return to normal financial guarantee processing through any of the following actions:
1. Completing the improvements that were defaulted on;
2. Proving to the Director that the requirement is impossible to meet;
3. Showing that completing the requirements will cause a hardship for the affected community; or
4. Showing that the requirement has been substantially met so as to constitute constructive, although not absolute, compliance with the requirement or condition.