Most permits require a performance bond to be posted to help ensure the project is implemented in accordance with the permit and, in the case of mitigation or enhancement plantings, those plants are cared for during their first two critical years following installation. The bond also provides the incentive to complete the end-of-project requirements, such as filing foundation as-built plans, getting the engineer’s letter of compliance, etc. The agency might also use the bond to fix problems at a site if the applicant is unresponsive to staff requests and a wetland and/or watercourse is at risk of impact.
The bond amount is included in the Special Conditions of the permit. The conditions may also call for an estimate for the retail, installed cost of any plantings. A defined percentage of this estimate will also be factored into the final bond amount. Once the bond amount is finalized, a check made out to the Town of Greenwich is submitted to the office of the agency. The funds are deposited into a non-interest bearing account for the duration of the project and “hold” period associated with plantings.