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The developers or their authorized representatives shall submit a written request that states the type of bond required. The request must be on a company letterhead that includes the company address, phone number, or by email that shows the official company address.
The bond estimate is prepared by the City. The bond is intended to cover the required improvements shown on the approved construction plan and plat. In order to establish consistency for all project estimates, the City has prepared the below Unit Price Worksheet to be used for calculating bond figures which is updated / adjusted every year based on the inflation factor in the ENR Construction Cost Index.
Complete Unit Price Worksheet (XLS)Includes:
Development Construction will determine the total cost of the improvements (100% incomplete) as the basis for determining the performance, ancillary and defect bond amounts. Then, the total amount is adjusted based on the extent of completed improvements according to the following credit schedule.
The following conditions will apply in determining the bond figure:
Straight To Activation
Straight To Defect (100% Complete)
Straight To Defect (with Ancillary Bond)