§ 32-4-313. REDUCTION OF SECURITY.

(a)

In general. An applicant may apply for a reduction in performance security posted in accordance with the right-of-way improvement and utility agreements when:

(1)

The county has determined that 50% of the improvements required under the right-of-way improvement or utility agreement have been completed; and

(2)

The county has received the right-of-way instruments required under § 32-4-302 of this subtitle.

(b)

Approval by county agencies; required.

(1)

The county may reduce the performance security posted in accordance with the right-of-way improvement and utility agreements after approval of the Directors of Permits, Approvals and Inspections, Budget and Finance, and Public Works.

(2)

The county may reduce the performance security posted for an environmental agreement after approval of the Director of Budget and Finance and the Director of Environmental Protection and Sustainability.

(c)

Amount of reduction. The county may not reduce the performance security to less than 10% of the original estimated cost of the improvements in the environmental, right-of-way improvement, or utility agreements until the developer has completed the improvements and the maintenance period to the satisfaction of the county.

(d)

Application for reduction by the applicant; notice.

(1)

Before performance security that has been posted for improvements under a right-of-way improvement or utility agreement is reduced, the applicant shall:

(i)

Apply to have the performance security reduced;

(ii)

Provide to the county an affidavit, in a form approved by the Office of Law, that the applicant has paid all persons having a written contract with the applicant for work on improvements required under the right-of-way improvement or utility agreement, and performed before the date of the affidavit; and

(iii)

Provide to the county written acknowledgments from all persons having a written contract with the applicant for work on improvements required under the right-of-way improvement or utility agreement, and performed before the date of the affidavit, confirming the statements contained in the applicant's affidavit.

(2)

(i)

After the applicant has complied with the requirements of paragraph (1) of this subsection, the Department of Permits, Approvals and Inspections shall post 30 days advance written notice of the Department's intent to reduce the performance security.

(ii)

The Department shall post the written notice in a prominent location in the offices of the Department.

(3)

After the notice has been provided in accordance with this subsection, the county may reduce the performance security.

(1988 Code, § 26-249) (Bill No. 38-98, § 6, 6-20-1998; Bill No. 79-01, § 2, 7-1-2004; Bill No. 122-10, §§ 12, 30, 1-16-2011)