Improvement Guarantee Instrument
A. Amount of Guarantee. The improvement guarantee shall be in the amount of 125
percent of the cost to
complete the work as determined by cost estimates.
B. Guarantee. The applicant shall guarantee the installation of such improvements in an amount equal to
the improvement guarantee cost to complete the work as determined by cost estimates amount by
either of the methods described below.
(1) Filing a performance or surety bond or an irrevocable standby letter of credit.
(2) Depositing a certified check or cash.
C. Release of Funds. Portions of the improvement guarantee may be release as work progresses, provided
(1) The applicant submits a new cost estimate as described in the §42-117.A (Amount of
Guarantee) detailing the work that has been complete and the work that is remaining. The
amount remaining under the improvement guarantee shall meet or exceed the cost of the
(2) Funds shall not be released if the property is in violation of any laws until the violations are
remedied to the satisfaction of the charging party.
(3) At total of not more than four (4) requests for release of funds shall be allowed. The first
request for release is eligible when twenty-five (25) percent of the work is completed. The
second and third request for release is eligible when fifty (50) percent and seventy-five (75)
percent of the work is completed. The fourth and final release is eligible upon completion of all
required improvements listed in the improvement guarantee. The release of funds must include
a professional Engineers statement certifying the work has been satisfactorily completed.