Overview of Performance Guarantee Process
Step 1 - Submit a cost estimate for review
To begin the process of posting a Performance Guarantee, please start by downloading the Cost Estimate form using the link below. Please complete the form to the best of your ability, and email to email@example.com
(subject line should state, "Cost Estimate - [Address of Project]"
Following staff review, you will be contacted whether approved or revisions are needed. (Please call 874-8720 with any questions)
1) Cost Estimate Form
Once the Cost Estimate Form is approved, please complete (or have your Financial Institution complete for you) a draft of 1 of the following Performance Guarantee templates, inputting project specific information into blank and bracketed areas. Please reference the following guide to determine the appropriate fields: Once drafted, please submit your draft via email to firstname.lastname@example.org for review.
STEP 2 - DRAFTING A PERFORMANCE GUARANTEE
Performance Guarantee Templates
1) Letter of Credit
2) Escrow Account with Financial Institution
3) City-held Escrow (this option requires funds posted to be held in a non-interest bearing escrow account with the City.)
Custom Templates (As needed)
4) Site Stabilization Performance Guarantees (contact staff for preferred type of template)
5) Preload Performance Guarantees (contact staff for preferred type of template)
Performance Guarantee: Once City staff approve the draft, the applicant shall submit the official signed original performance guarantee document, which for the above templates 1) or 2) must be on Bank/Credit Union letterhead with original signatures.
STEP 3 - Submit PERFORMANCE GUARANTEE, INSPECTION FEE, AND INFRASTRUCTURE CONTRIBUTIONS
Inspection Fee: After the Cost Estimate is approved, the applicant will be able to determine the inspection fee amount that is 2% of the approved Cost Estimate total (or a minimum of $300). Checks made payable to the City of Portland can be made submitted to:
389 Congress Street, 4th Floor, Portland, ME 04101, or can be submitted electronically by either credit card (subject to additional convenience fee), or electronic check (subject to a flat fee), using the Customer Self Service Portal.
Infrastructure Contributions: If an Infrastructure Contribution (Tree Fund, Sustainable Transportation Fund, Housing Trust Fund, etc.) is a condition in the project's approval letter, the Applicant should submit an Infrastructure Contribution Form with a check made payable to the City of Portland, and can be mailed to: 389 Congress Street, 4th Floor, Portland, ME 04101, Attn. Desiree Kelly. Please contact Planning staff with any questions regarding this process 207-874-8720 or email@example.com
The Planning Division will confirm that the final documents are accurate and acceptable.