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SUMMIT COUNTY LAND USE AND DEVELOPMENT CODE <br />CHAPTER 10: Areas and Activities of State Interest <br />12. A proposed location of a Rapid or Mass Transit Facility that imposes a burden or deprivation on a local • <br />government cannot be justified on the basis of local benefit alone, nor shall a permit for such a location be <br />denied solely because the location places a burden or deprivation on one (1) local government. <br />10500: FINANCIAL GUARANTEE <br />A. Financial Guarantee Required <br />Before any permit is issued under these Regulations, the BOCC may (but shall not be required to) require the <br />applicant to file a guarantee of financial security deemed adequate by the BOCC and payable to the County. The <br />purpose of the financial guarantee is to assure the following: <br />1. That the Proposed Project is completed and, if applicable, that the Development Area is properly reclaimed. <br />2. That the applicant performs all mitigation requirements and permit conditions in connection with the <br />construction, operation and termination of the Proposed Project. <br />3. That increases in public facilities and services necessitated by the construction, operation and termination <br />of the Proposed Project are borne by the permittee. <br />4. That shortfalls to County revenues are offset in the event that the Proposed Project is suspended, curtailed <br />or abandoned. <br />B. Amount of Financial Guarantee <br />In determining the amount of the financial guarantee, the County shall consider the following factors: <br />1. The estimated cost of completing the Proposed Project and, if applicable, of returning the Development <br />Area to its original condition or to a condition acceptable to the County. <br />2. The estimated cost of performing all mitigation requirements and permit conditions in connection with the <br />construction, operation and termination of the Proposed Project, including: • <br />a. The estimated cost of providing all public services necessitated by the proposed activity until two (2) <br />years after the proposed activity ceases to operate; and <br />b. The estimated cost of providing all public facilities necessitated by the proposed activity until all such <br />costs are fully paid. <br />C. Estimate <br />Estimated cost shall be based on the applicant's submitted cost estimate plus the BOCC's estimate of the additional <br />cost to the County of bringing in personnel and equipment to accomplish any unperformed purpose of the financial <br />guarantee. The BOCC shall consider the duration of the development or activity and compute a reasonable <br />projection of increases due to inflation. The BOCC may require, as a condition of the permit, that the financial <br />security be adjusted upon receipt of bids to perform the requirements of the permit and Regulations. <br />D. Form of Financial Guarantee <br />The financial guarantee may be in the form of a Letter of Credit ("LOC") or some other form acceptable to the <br />BOCC. <br />E. Release of Guarantee <br />The financial guarantee shall be released when: <br />1. The permit.has been surrendered to the BOCC before commencement of any physical activity on the site of <br />the permitted Project; or <br />2. The Project has been abandoned and either (a) the site has been returned to its original condition or (b) to a <br />condition acceptable to the County; or <br />3. The Project has been satisfactorily completed; or • <br />26