Financial Security Guarantee. As security to the County for the performance by the Developer of its obligations to complete the Required Improvements in accordance with this Agreement, the Developer shall, prior to the commencement of construction of the Required Improvements, obtain financial security in favor of the County meeting the requirements of Teton County Code §9-4-2(C-2), in the sum of one hundred and twenty-five (125%) of the engineer’s cost estimate for the Required Improvements approved by the Teton County Board of County Commissioners and attached hereto as Exhibit C, which engineer’s cost estimate shall be revised and updated within ninety (90) days of securing the financial guarantee, by one of the following three methods:
Financial Security Guarantee. In lieu of construction of the Improvements by the Developer during the period after County approval of the final plat and the final plat being recorded for each phase, as security to the County for the performance by the Developer of its obligations to complete the Improvements in accordance with this Agreement, the Developer shall, prior to the commencement of construction of any Improvements, obtain financial security in one of the following three methods, in the sum of one hundred and twenty-five (125%) of the engineer’s estimated costs for all Improvements, which engineer’s cost estimate shall be revised and updated within ninety (90) days of securing the financial guarantee described in Section 1. Obtain from a County approved financial institution or approved private financier an irrevocable 12-month letter of credit with guaranteed 6 to 12 month extensions as needed until the public Improvements are completed and accepted by the County or 6 months after the expiration date of this Development Agreement; 2. Deposit into a Teton County escrow account funds in the form of a certified check or cash available for disbursement upon signatures by the Developer and Teton County. The County shall maintain any interest accrued. 3. Obtain a negotiable construction or development bond from a County-approved bonding company for the estimated length of time to fully complete the Improvements including acceptance by the County. The amount of the escrowed funds shall be released for the completed and approved portion of the scheduled Improvements on the subject Property by line item as described on the engineer’s cost estimate in Exhibit B. If the County releases a portion of the escrowed funds, the County shall retain twenty five percent (25%) of the original escrowed amount. The Developer shall be limited to three partial releases of escrow per phase. Any amount of the escrowed funds remaining in letter of credit, escrow account, or bond shall not be released until one hundred percent (100%) complete installation and approval of all County required Improvements, including signage and the successful completion of all warranty periods. Ten (10) percent of the original approved engineer’s cost estimate for the Improvements shall be provided in one of the three methods presented above in this Section for the entire warranty period described in Section 18 to guarantee the correction of any defects or deficiencies.
Financial Security Guarantee. As security to the County for the performance by the Developer of its obligations to complete the Required Improvements in accordance with this Agreement, the Developer shall, prior to the commencement of construction of the Required Improvements, obtain financial security in favor the County meeting the requirements of Teton County Code ⸹9-4-2(c-2), in the sum of one hundred and twenty-five percent (125%) of the engineer’s cost estimate for the Required Improvements approved by the Teton County Board of County Commissioners and attached hereto as Exhibit C, which engineer’s cost estimate shall be revised and updated within ninety (90) days of securing the financial guarantee, by one of the following three methods: Obtain from a County-approved financial institution authorized to do business in the State of Idaho an irrevocable 12 month letter of credit with guaranteed extensions as needed until the Required Improvements are completed and accepted by the County. Make a cash deposit into a Teton County escrow account funds in the form of a certified check or cash. The county shall maintain any interest accrued; or Obtain a negotiable construction or development bond from a County-approved bonding company for a term of not less than 12 months with guaranteed extensions as needed until the Required Improvements are completed and accepted by the County. The County will not issue the Construction Permit permitting commencement of construction of the Required Improvements until it has received a satisfactory financial guarantee. Following issuance of the Certificate of Subdivision Completion, the County shall release the Developer’s financial guarantee; provided, however, ten percent (10%) of the original approved engineer’s cost estimate for the Required Improvements shall be provided in one of the three methods presented above in this Section for the entire warranty period described in Section 12 to guarantee the correction of any defects or deficiencies in the Required Improvements.
Financial Security Guarantee. The owners deposited the financial security guarantee with Teton County.
Financial Security Guarantee. A financial security guarantee was submitted to Teton County with the preliminary plat application submittal
Financial Security Guarantee. In lieu of construction of the Improvements by the Developer during the period after County issuance of the Construction Permit and the final plat being recorded , as security to the County for the performance by the Developer of its obligations to complete the Improvements in accordance with this Agreement, the Developer shall, prior to the commencement of construction of any Improvements, obtain financial security in one of the following three methods, in the sum of one hundred and twenty-five (125%) of the engineer’s estimated costs for all Improvements, which engineer’s cost estimate shall be revised and updated within ninety (90) days of securing the financial guarantee described in Section 1 (if applicable).
Financial Security Guarantee. As security to the City for the performance by the Developer of the Developer’s obligations to complete the infrastructure improvements pursuant to and in accordance with this Agreement, the Developer shall, prior to installing the Improvements for the Development, issue the City an irrevocable letter of credit or cash bond or other adequate security in form and content satisfactory to the City for the amount of 125% of the projected development costs as determined by the Developer’s engineer and as approved by the City for all improvements shown in the Improvement Plans. The amount of the bond required for the Development is set forth in Exhibit D. The guarantee must be in force for a period of 24 months with automatic renewals until such time as the public improvements are completed and accepted by the City. The City may require the Guarantee to give the City the option of using the proceeds of such Guarantee to complete the improvements or restore the land back to its original condition in the event of a breach of this Agreement which causes the Developer to lose the development rights associated with the development. Upon a sale of the Property, or a portion thereof, the City shall release Developer’s financial security upon the purchaser’s posting of a replacement financial security in compliance with this Agreement.
Financial Security Guarantee. Before beginning construction on the required public improvements, the Developer shall provide a financial guarantee of performance for those requirements which are over and beyond the requirements of any other agency responsible for the administration, operation and maintenance of the applicable public improvement. The Developer may (a) obtain from a County approved financial institution or approved private financier an irrevocable 12-month letter of credit with guaranteed 6 to 12 month extensions as needed until the public Improvements are completed and accepted by the County or 6 months after the expiration date of this Development Agreement; (b) deposit into a Teton County escrow account funds in the form of a certified check or cash available for disbursement upon signatures by the Developer and Teton County. The County shall maintain any interest accrued; or (c) obtain a negotiable construction or development bond from a County-approved bonding company for the estimated length of time to fully complete the Improvements including acceptance by the County. The amount of the escrowed funds shall be released for the completed and approved portion of the scheduled Improvements on the subject Property by line item as described on the engineer’s cost estimate. Any amount of the escrowed funds remaining in letter of credit, escrow account, or bond shall not be released until one hundred percent (100%) complete installation and approval of all County required Improvements.
Financial Security Guarantee. Not applicable; the infrastructure has been completed.
Financial Security Guarantee. The owners deposited the financial security guarantee with Teton County in the 125% required amount of $138,000.00.
