The Commission may require the applicant to furnish a performance
guarantee in the form of a deposit of money in an amount determined
by the Commission to be sufficient to cover the cost of all or any
part of the site alterations specified in the permit and/or shown
on the plans approved by the Commission. This security shall be deposited
in the name of the City of Beverly. The standard agreement is included
on the performance guarantee form, which can be obtained from the
Conservation Office. Security amounts will be set so that funds will
be adequate to comply with the permit, repair damage to wetlands and
to permanently stabilize the work site and all soils. Security shall
be determined on a site-by-site basis using these general guidelines:
|
Project
|
Range of Security
|
|---|---|
|
Single-family home
|
$3,000 to $10,000 per dwelling
|
|
Commercial/Industrial facility
|
$10,000 to $15,000 per building
|
|
Subdivision roadway
|
$10,000 or more
|
|
Wetland replication
|
$3 per square foot
|
The Commission may require the applicant to secure the performance
and observance of conditions imposed on the project by a conservation
restriction, easement or other covenant enforceable in a court of
law, executed and duly recorded by the owner of record, running with
the land to the benefit of the City whereby the permit conditions
shall be performed and observed before any lot may be conveyed other
than by mortgage deed.
The penal sum of any required performance guarantee, or the
amount of any deposit held hereunder, may from time to time be reduced
by the Commission and the obligations of their parties thereto released
by the Commission in whole or in part. The release schedule(s) for
the security may be proposed by the applicant and, if acceptable,
approved by the Commission.
A.
Upon completion of site alterations required in the permit, security
for the performance of which was given by security, deposit or covenant,
or upon the complete performance of the covenants with respect to
the site, the applicant may request and agree on the terms of release
with the Commission.
B.
If the Commission determines that said alterations have been completed
in compliance with the conditions of the permits, it shall release
the interest of the City in such security and return the deposit to
the person who furnished same, or release the covenant, if appropriate.
If the Commission determines that said alterations have not been completed
in compliance with the permit, it shall, within 45 days, specify to
the applicant, in writing, the details wherein said alterations fail
to comply with the permit.
C.
If the applicant fails to complete the work secured by this agreement
by the above stated or extended deadline, the deposit of money may
be applied in whole, or in part, by and upon a vote of the Commission
for the benefit of the City of Beverly to the extent of the reasonable
cost to the City of completing such construction or installation as
specified in this agreement. Any unused money and the interest accrued
on the deposit of money, unless said interest is used to complete
such construction or installation, shall be returned to the applicant
upon completion of such construction or installation by the City upon
a vote of the Commission.
