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The obvious downside of requiring the financial security is that it increases the overall cost of <br /> the development and adds to the complexity of the review process. While in and of themselves <br /> these are not reasons to forgo a bond,they should be a consideration when determining whether <br /> or not to require a security and,if so,how much. There is no need to add costs to a project if we <br /> are otherwise assured performance. <br /> Proposed Policy: As directed by the Planning Commission last month, the Staff has drafted <br /> the following Policy for Bonding Requirements: <br /> POLICY <br /> FOR BONDING REQUIREMENT <br /> FOR REQUIRED IMPROVEMENTS <br /> WITHIN DEVELOPMENTS <br /> The following policy has been approved by the City Council on for a <br /> bonding requirement for required improvements within developments: <br /> 1. A Development Bond will be required for all public improvements. <br /> 2. A Development Bond will be required for all private improvements needed to protect the <br /> health,safety or welfare interests of adjacent property owners or the general public,such <br /> as,but not limited to,the following: <br /> A. Clustered Sewer Systems; <br /> B. Community Water Systems; <br /> `.. C. Internal Private Roads; <br /> D. Required Stormwater Improvements; <br /> E. Required Erosion Control Systems; <br /> F. Required Recreational Features; and <br /> G. Other improvements,as deemed necessary by the Planning Commission. <br /> �g. 1 Said Development Bond shall be in an amount equal to 125%of the estimated cost of the <br /> � uncompleted improvements. <br /> 4. All Bonding requirements contained in Section X of the Land Use and Subdivision <br /> Ordinance also apply. <br /> City of Pequot Lakes Staff Report 4_2 <br /> June 21,2007 <br />