Sponsor: Board of Supervisors Meeting Date:
Staff Lead: Department:
Paul S. McCulla, County Attorney County Attorney
A Resolution Authorizing the Chairman of the Board of Supervisors to Execute a Memorandum of Understanding with the Vint Hill Economic Development Authority for a Surety Bond
The Vint Hill Economic Development Authority (VHEDA) has requested that the Board of Supervisors permit it to post a blanket surety bond in the amount of $1,000,000 to cover all erosion and sediment control and public improvement projects as part of any development projects related to the VHEDA. The Director of Community Development has reviewed the amount of the surety bond and believes that it is an appropriate blanket surety bond. Such a bond will permit the VHEDA to proceed with its construction projects for roads, utilities, storm water management ponds and erosion and sediment control systems without having to piecemeal the required bonds for each project. The blanket surety bond also gives the County assurance that at any one time sufficient funds are contained through the blanket surety bond to complete the required improvements for any projects that the VHEDA has undertaken.
Requested Action of the Board of Supervisors:
Consider adoption of the attached resolution.
Financial Impacts Analysis:
Identify any other Departments, Organizations or
Individuals that would be affected by this request:
Vint Hill Economic Development Authority