Performance Guarantees for Government Permit-Granting Authorities (PAS 508)

By Wayne Feiden, FAICP, Raymond Burby

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This report describes financial and nonfinancial performance guarantees available to communities and explains the advantages and disadvantages of both.

Learn about state enabling legislation and get a summary of a survey of communities regarding sources of authority for use; structure and time limits for guarantees; and cost and collection issues, including releasing the permitee from the guarantee.

The report includes a glossary of performance guarantee terms as they relate to local government.


Product Details

Page Count
79
Date Published
Aug. 1, 2002
ISBN
978-1-884829-78-9
Format
Adobe PDF

Table of Contents

1. Overview of the types and use of Performance Guarantees
Types of performance guarantees • Use of performance guarantees • Regulatory history • Permit systems

2. Nonfinancial Performance Guarantees
Final permit • Covenant-not-to-sell • Sequential approval • Special Assessments and homeowner associations • Irrevocable offer of dedication

3. Elements of Financial Performance Guarantees
Guarantee principal • Guarantee language • Guarantee monitoring and releases • Collecting guarantees

4. Types of Financial Performance Guarantees: Performace or Surety Bonds
Cash escrows and bank assignment of funds • Property escrows • Irrevocable letters of credit • Trust instruaments/improvement credit agreements • Liens/covenants • Summary

5. State Enabling Legislation and Authority
Uniform commercial code (U.C.C.) • Subdivision regulations/authorization • Statutes relating to municipal public buildings and projects • Other regulatory requirements

6. State of Practice: Use of Performance Guarantees
Authorization and use of performance guarantees • Structure and time limits of financial performance guarantees • Costing, collecting, and releasing financial performance guarantees

7. Conclusions

Appendices
Appendix A. State Enabling Legislation and authority
Appendix B. Sample Ordinances, Regulations, and Guarantees
Appendix C. List