Collecting Surety

COLLECTING SURETY
Surety is a person or party that takes responsibility for the debt, default, or other financial responsibilities of another party.  Before your LDPs can be issued, City staff will collect surety.  This is usually collected as part of the pre-construction meeting.  

PERFORMANCE SURETY
In Woodstock, a performance surety must be provided in the form of a bond or escrow for 110% of the cost of construction, based on the LDPs that are issued (see above).  Cost estimates must be submitted to Shana Bowes, Development Review Coordinator, prior to submitting surety.  

PLEASE NOTE: Asphalt topping surety must be provided via escrow (110%).  Providing a bond is not allowed. (NOTE: in the Ordinance it says that “all roadway infrastructure improvements, including the final topping of asphalt” shall be guaranteed with escrow) 

MAINTENANCE SURETY
Once ALL improvements have been installed, City staff will inspect and verify their satisfactory completion.  Once approved, a twelve (12) month maintenance period will begin.  A maintenance surety shall guarantee all improvements against defects in design, material, and workmanship and further guarantee that all such improvements shall be maintained in first class condition for the required period.  

A maintenance surety equal to at least ten (10) percent of the actual construction improvements (minimum $5,000.00) shall be provided to the City.  If bridges, box culverts, or pipes with diameters equal to or exceeding 48”, the maintenance surety is included, the surety is increased to twenty-five (25) percent.  This maintenance surety shall be in effect for twelve months.  

At the twelve-month mark, if the City determines that work/repairs are needed, the developer/builder shall be notified in writing of the deficiencies.  The developer/builder has 60 days to correct these issues, otherwise the surety shall be forfeited and called up to the cost of the repairs or the total amount of surety.   Any costs associated with reinspection shall be paid by the developer/builder.