Portland City Code ch. 14

Citation: Portland City Code ch. 14
Parent Document: Portland City Code ch. 14
Jurisdiction: Portland (municipal)
Original Source: https://www.portlandmaine.gov/asset/ae8cabd1-66eb-4a1c-9224-92bbca5e792f ↗

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when the only work proposed is the been met, as approved by the Planning
digging of test pits. Authority.
G. Acceptable forms of performance guarantee. I. Extension of the performance guarantee. If
The performance guarantee, in the amount the Planning Authority and/or the Public Works
approved by the Planning Authority, shall be a Authority has reasonable doubt concerning the
letter of credit, an escrow account with a stability or proper construction of the required
responsible financial institution, or the deposit site improvements, the developer shall be
to the City of Portland Finance Department and required to reconstruct or otherwise address
shall be in conformance with the templates and the issues to the City’s satisfaction. If the
forms made available by the City. If the performance guarantee is scheduled to expire
performance guarantee is a deposit to the City, before the extent or necessity for such further
the City shall hold such funds in a noninterest work can be determined, the developer shall be
bearing account until criteria for performance required to extend the performance guarantee
guarantee release have been satisfied. The covering such improvements, or secure a new
performance guarantee shall be in the name of guarantee, for a period and amount deemed
the City and shall be approved by the finance necessary by the Planning Authority and/or the
director as to financial sufficiency and the Public Works Authority.
corporation counsel as to proper form and J. Performance guarantee release/conversion
legal sufficiency. to defect guarantee.
H. Performance guarantee reductions. 1. No performance guarantee shall be
1. Up to three times during the construction released until all fees generated by the
of a project, upon request of the project are paid to the City, including but
developer, a performance guarantee may not limited to engineering, inspection, and
be reduced by the value equal to the administrative fees. The guarantor shall
estimated cost of the completed not be released from the guarantee except
improvements. In no case shall any and until authorized in writing by the
performance guarantee be reduced by any Planning Authority.
line item on the cost estimate spreadsheet 2. For roadway extension projects, no
where improvements remain to be performance guarantee shall be released
completed. Requests shall be submitted on until the Department of Public Works has
the cost estimate spreadsheet for review performed a final inspection of the
and approval by the Planning Authority. roadway and determined satisfactory
2. In no case shall any performance completion of the required improvements.
guarantee be reduced to an amount equal Additionally, no performance guarantee
to or less than the required defect shall be released until the City in receipt of
guarantee until all criteria set forth for a petition for street acceptance, deemed
converting to the defect guarantee have complete and satisfactory by Corporation
Counsel and/or the Department of Public 14-22 | CITY OF PORTLAND LAND USE CODE SITE PLAN

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