Development related securities are required by the town to ensure performance of development related obligations of a developer, builder, or land-owner as detailed in the applicable development agreement or permit application.
Securities may be provided in cash, by certified cheque, bank draft, money order, or by unconditional irrevocable letter of credit. Letters of credit shall be in a form acceptable to the treasurer or delegate and be issued by only those financial institutions that are acceptable to the town.
The department responsible for the administration of the agreement or permit process is the authority for determining when releases may be made in accordance with their inspection and release processes.
Each year, town staff update a listing of securities and deposits which although eligible for release, remain unclaimed. All persons having a claim to funds listed are required to complete a deposit refund claim form and prove their claims within 90 days of publication. Upon the expiration of the notice period, funds shall be transferred to the town’s general funds.