Field
Services
Development
activity usually requires two (2) types of financial guarantees during the
course of a project. An automatically
renewing Letter of Credit using our
LOC form # 801 or Cash must be used when posting a financial guarantee.
Completion Financial
Guarantee
The
first financial guarantee requirement is for guaranteeing anything that has not
been installed at the time of plat recording or at issuance of a building’s
certificate of occupancy. This financial
guarantee is referred to as a Completion Financial Guarantee.
The
developer’s representative must submit a written estimate for the cost of the
uninstalled items to the project’s field engineering technician. The estimate must be submitted and sealed by
a NC Professional Engineer describing what is being covered, how much it will
cost, a vicinity map, and a schedule for completion. The amount of the financial guarantee must be
calculated at 1-1/2 times the estimated construction cost or two (2) times the
amount if the work is for a thoroughfare street. The financial guarantee is then submitted to
the Department of Engineering and must remain in effect until the items are
completed. This financial guarantee will be released when all items related to
the financial guarantee are completed. The financial guarantee will be returned
to whoever submitted it.
Warranty Financial
Guarantee
The
second financial guarantee requirement is for the guarantee that all public
infrastructure (example; water, sewer, street) improvements for the project
will be accepted for total maintenance at the end of the warranty period. This financial guarantee is sometimes
referred to as a L.D.O. guarantee due to the requirement being stipulated by
the Town of Cary Land Development Ordinance Chapter 8.
The
developer’s representative must submit an estimate of quantity and a vicinity
map for this bond to the project’s field engineering technician based on the
quantities of installed improvements.
The unit price is set by the Town and includes any work that was
installed as a part of the project. The L.D.O. financial guarantee will be
released upon issuance of the end of the warranty acceptance letter.
The
current unit prices are:
STREETS: (covers all streets and
related improvements):
$
20.00 / SY of road installed (back to back street width, times length, divided
by 9, regardless of road size)
UTILITIES:
Water
Line (4” and up) @ $ 12.00 / LF
Sanitary
Sewer Line (8” and up) @ $ 12.00 / LF