What is a Mecklenburg County Land Development Bond?
Learn about the importance of this surety bond to your business
What is a Mecklenburg County Land Development Bond?
Every developer in Mecklenburg County, North Carolina is required to obtain a surety bond to ensure the following:
- That the developer will pay for the maintenance and repair expenses of the project as stated in the approved plans
- To guarantee the installation of the improvements in accordance with the approved plans and the relevant ordinance
If the bonded developer fails to perform the following obligations, the Obligee (the beneficiary of the surety bond) will be eligible to take action on the surety bond to recover the amount required.
The surety bond should be submitted along with the Bond Estimate Form, Reference Approved PLAT EPM #, Reference Approved Construction Plan EPM # and a Bond Admin Fee of $370 to the Mecklenburg County Land Use & Environmental Services Agency.
What is the Mecklenburg County Land Development Bond amount?
The bond amount will be a percentage of the total amount of the construction cost as determined by the Mecklenburg County Land Use & Environmental Services Agency.
Construction Bond – 125% of the total construction cost
Roadway Maintenance Bond – 80% of the total construction cost
Roadway Maintenance Bond – 25% of the total construction cost
Roadway Maintenance Bond (for Cornelius, NC) – 5% of the total construction cost
For example:
If the total construction cost is $13,000, the bond amount will be as follows:
Construction Bond – $14,625
Roadway Maintenance Bond – $10,400
Roadway Maintenance Bond – $3,250
Roadway Maintenance Bond (for Cornelius, NC) – $650
If you have determined your bond amount, you may check your bond premium by getting your FREE QUOTE HERE from us!
How can I obtain a Mecklenburg County Land Development Bond?
We’ve made it easier for you! Just follow the simple steps below!
STEP 1: Apply for the bond
You need to submit a bond application to us. If you’re ready to apply now, you may do so HERE!
STEP 2: Underwriting
We will ask you for a couple of important documents needed for the bond. This will be carefully evaluated by an expert underwriter. This will include the following:
- Financial history
- Credit score
- Business performance history
STEP 3: Bond execution
Once the underwriter is done with the underwriting process, we will immediately issue the bond and send it to you!
What are the surety bond conditions?
- The surety bond agent or company should be authorized to conduct business in the State of North Carolina
- The Mecklenburg County Land Use & Environmental Services Agency should be named as the Obligee of the surety bond
- The bonded developer is obligated to obey the applicable ordinance, the rules and regulations of the Mecklenburg County Land Use & Environmental Services Agency, and the terms of the surety bond
- If the bonded developer commits a violation, the aggrieved party will be eligible to file a claim against the surety bond