MenuFinancial Security Process
This process is applicable when all improvements and installations are not completed and accepted by the City of Raleigh prior to a request to record all or part of a subdivision or issuance of a building permit for any site plan, whichever shall first occur. In this situation, the City Manager or his designee may require the developer to post a security instrument, in lieu of the completion of such work. The security instrument must be an amount that includes surety and conditions satisfactory to the City that provides for and secures the actual construction and installation of such improvements to the municipality.
Are there any prerequisites to this process?
- Infrastructure construction plans must be approved, if applicable
- Approved recorded map, if applicable
- Approval from the Engineering Inspections Division that infrastructure construction plans are built to City of Raleigh and/or NCDOT standards and specifications
How do I start the process?
- Developer must provide an engineer's cost estimate to initiate the process for posting a financial security. The estimate must be for 150% of all street and utility improvements, to be covered by the financial security and must be sealed by a professional engineer
- Transportation Technician receives engineer's cost estimate (an 8 1/2" X 11" word document) via email, fax, mail, or drop off to the 3rd floor of One Exchange Plaza
- Transportation Technician faxes/emails the engineer's cost estimate to Engineering Inspections Division, located in 301 Dillon Building for review
- Engineering Inspections Division verifies engineer's cost estimate and approval for processing financial security
- Once engineer's cost estimate has been verified by the Engineering Inspections Division, applicant will work with Transportation Technician on next step in process
What do I need to submit to the City?
- A sealed Financial Security Estimate (engineer's cost estimate) to include 150% of all street and utility improvements
- Once estimate has been verified by the Engineering Inspections Division, the financial security is provided to the City of Raleigh (if a letter of credit is provided, it must be from a local bank)
- A Financial Security Agreement will also need to be submitted with the financial security
| SUBMITTAL PACKAGE | |
| Required for Submittal | A sealed Financial Security Estimate (engineer's cost estimate) to include 150% of all street and utility improvements Once estimate has been verified by the Engineering Inspections Division, the financial security is provided to the City of Raleigh (if a letter of credit is provided, it must be from a local bank) A signed Financial Security Agreement will also need to be submitted with the financial security |
Where can I find detailed information regarding submittals?
- Raleigh City Code Section 10-3024 (Schedule of Roadway Improvement Cost)
- Raleigh City Code Section 8-2094 (Schedule of Utility Improvement Cost)
- Financial Security Agreement Blank Form
- Example Financial Security Agreement
- Example Financial Security Estimate (engineer's cost estimate)
- Example Letter of Credit
Where do I submit my application?
Office: City of Raleigh
Department: Public Works - Street Maintenance Division
Attention: Debbie Wyatt, Transportation Technician
Address: One Exchange Plaza, Suite 304, Raleigh, NC 27601
Adjacent to: 219 Fayetteville Street
Phone #: 919-996-2410
Hours: 8:30 a.m. to 5:00 p.m.
What are the keys to success?
Must provide an accurate Financial Security Estimate (engineer's cost estimate) based on City of Raleigh unit rates to include 150% of street and utility improvements.
What fees are involved and when do I pay them?
There are no fees associated with this process.
How long will this process take?
It takes approximately two to three weeks to receive an executed Financial Security Agreement from the City of Raleigh.
- Approximately three (3) business days for Financial Security Estimate (engineer's cost estimate) to be approved by the City of Raleigh Engineering Inspections Division
- Approximately one (1) business day for the Transportation Technician to enter the Financial Security Agreement into the City database once security has been received
