Cost: Depends on applic...
This program guarantees that the developer will pay for any damages caused by construction on the project. It also covers the cost of litigation against the developer in case of claims made by third parties.
Who is eligible for this bond program?
Any individual or entity who meets the following criteria is eligible for the bond program:
• Must be an owner or contractor of the project;
• Must own real property located within the city limits of the City of Greenville;
• Must intend to construct improvements on the property; and
• Must submit plans for approval by the city council.
What are the benefits of this bond program?
The bond program protects against loss due to construction delays, material shortages, labor strikes, and other unforeseen circumstances. It also protects the developer from claims made by subcontractors, suppliers, and laborers.
When does the bond program begin?
The bond program begins when an application is submitted to the city. Applications must be submitted at least 60 days before the project's start date.
How much will it cost me?
The bond program requires a minimum $50,000 deposit with the city. The town holds this money until the completion of the project. At that point, the developer receives a refund of the deposit plus interest. The developer forfeits the entire stake if the project fails to meet its deadlines.
Is there any additional information I should know about this bond program?
There are two types of bonds available through the program: a performance bond and a development surety bond. A performance bond guarantees that the developer will complete the project according to the contract terms. A development surety bond guarantees that the developer has sufficient funds to cover costs associated with construction.
Contact the obligee (City of Greenville) directly for further details about this bond.
PLANNING AND DEVELOPMENT DIVISION CITY OF GREENVILLE
P.O. BOX 2207
GREENVILLE, SC 29602
How much will it cost me?
The bond program requires a minimum $50,000 deposit with the city. The city holds this money until the completion of the project. At that point, the developer receives a refund of the deposit plus interest. The developer forfeits the entire deposit if the project fails to meet its deadlines.
Contact the obligee (City of Greenville) directly for further details about this bond. Zoning: (864) 467-4476 Engineering: (864) 467-4400 Building Codes: (864) 467-4550 PLANNING AND DEVELOPMENT
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