Laserfiche WebLink
LETTER OF CREDIT/PERFORMANCE BOND REQUIREMENTS <br /> <br />When building permits are requested prior to completion of all improvements in a <br />development, the following conditions shall apply: <br /> <br />1. Detailed estimates of all required improvements shall be submitted. These estimates <br />shall be signed by licensed contractor(s) when applicable. <br /> <br />2. These estimates shall be reviewed and approved by a consulting engineer chosen by <br />the County. This requirement is subject to payment of a $75.00 fee for the review. <br /> <br />3. A letter of credit or performance bond by a lender of surety acceptible to the County <br />shall be made out to Cabarrus County in the amount of 125% of the costs determined in <br />step 2 above. <br /> <br />4. The final map of the subdivision shall be approved and recorded. <br /> <br />Prior to the reduction or release of the 125% amount required in step 3 above for <br />completion of improvement(s), the following information must be provided when <br />applicable: <br /> <br />1. Proof satisfactory to the County that the applicable improvement(s) has been made to <br />the required specifications. <br /> <br />2. Proof satisfactory to the County that payment in full has been made to the applicable <br />contractor and/or agency for the improvement(s). <br /> <br />Upon proof of completion satisfactory to the County, of the required improvement(s), the <br />amount that had been required for that improvement(s) may be released from the total <br />amount required. The total amount of the letter or credit or bond for required <br />improvements may be released when all improvements are complete, and the above <br />information has been provided. <br /> <br /> <br />