(A) A development security shall be posted and shall include:
(1) A schedule, agreed upon by the developer and the Chief Subdivision Engineer, for the completion of the construction of any stormwater facilities required by the permit;
(2) An irrevocable letter of credit, or cash deposit as the Chief Subdivision Engineer may approve, in an amount equal to not less than 125% of the estimated probable cost to complete the construction of any stormwater facilities required by the development permit, which estimated probable cost shall be prepared by a registered professional engineer and shall be approved by the Chief Subdivision Engineer. A corporation with a bond rating of “A” or higher from a major investment firm (i.e., Standard and Poor, Moody or equivalent) would be deemed to have adequate credit worthiness and is not required to post a letter of credit for projects that are not required to be located in public easements;
(3) A statement signed by the applicant granting the Chief Subdivision Engineer the right to draw on the security and the right to enter the development site to complete required work in the event that work is not completed according to the work schedule; and
(4) A statement signed by the applicant that the applicant shall indemnify the Department for any additional costs incurred attributable to the concurrent activities of or conflicts between the applicant’s contractor and the Department’s remedial contractor at the site.
(B) The security required by this section shall be maintained and renewed by the applicant, and shall be held in escrow by the Chief Subdivision Engineer until the conditions set forth in this section or other applicable provisions are satisfied.
(C) The Chief Subdivision Engineer may approve periodic reductions in the letter of credit based on progress of construction. However, not more than 75% of the security provided for in this section may be released prior to approval of record drawings and final inspection. A minimum of 25% or $3,000, whichever is greater, of the security shall be retained for a period of time not to exceed two years after completion of construction of all stormwater facilities required by the permit.
(Ord. 10-164, passed 6-17-2010)