- Engineering & Public Works
- Land Development
- Bond Administration
Builders, developers and/or owners (i.e. applicant) of public improvement projects must establish a financial guarantee (i.e. bond) as part of the land development process. This financial guarantee is required to record a subdivision plat and begin real estate transactions before the project is completed. The guarantee must remain in place until the project is completed or a warranty period has been successfully fulfilled. In the event the applicant fails to complete the public improvement, the guarantee provides the Town with financial resources to contribute to, complete, and/or perform maintenance on the improvements.
Acceptable Guarantee Types
Land Development accepts any of the following to meet all guarantee requirements:
- Letters of Credit
- Surety Bonds
- Cash Bonds (certified checks or a money order made payable to Town of Huntersville)
Required Guarantee Formats
The Town has specific format and content requirements for each type of guarantee. Variations in format or content will not and cannot be accepted.
Guarantee Term Limitations
Guarantees must be
- Held for a minimum one (1) year and a maximum two (2) year term
- Remain continuously in force until authorized for release by the Town
A $500 fee applies to each transaction type. Guarantee transaction types include posting of a new guarantee, yearly renewal, replacement, reduction and/or final release.
- Fee(s) must be paid for guarantee to be considered secured
- Fee(s) are subject to change
Obtaining a New Guarantee
All projects must be submitted to the Town for review. Town staff will advise if a guarantee is required for a project or subdivision during the pre-submittal meeting. Follow the steps below to secure a new guarantee.
- Submit a completed Guarantee Estimate form, in EPM with the final plat documents
- The Guarantee Estimate form is used to identify the cost to complete all required project improvements
- No credit is allowed for installed storm drainage or BMPs until the as-built plans are approved
- Town will review the forms and perform a field inspection to verify the current project status
- The Towns Bond Administrator will email the applicant once the Guarantee and dollar amount is approved and provide forms and instructions for completion
- The applicant secures the guarantee and submits original forms and fee(s) to the Towns Bond Administrator
- The Town's Bond Administrator notifies all relevant parties the guarantee has been secured
- When a developer sells lots to another builder, the new owner needs to replace the guarantee. The original guarantee will be returned upon receipt of the new guarantee.
Renewing, Replacing, Reducing or Releasing a Guarantee
Follow the steps below to renew, replace, reduce or request the release of an existing guarantee.
- Submit completed Inspection Request Form (BAINSP) for the project or subdivision
- Submit completed Guarantee Estimate form
- Pay the appropriate fee(s)
- Renewal - Forms and fees are due fifteen (15) days prior to the term date
- Reduction - Forms and fees are due at least 60 days prior to the renewal date
- Town conducts a field inspection to verify project conditions