Virginia Administrative Code › Title 24 - TRANSPORTATION AND MOTOR VEHICLES › Agency 30 - DEPARTMENT OF TRANSPORTATION › Chapter 91 - SUBDIVISION STREET REQUIREMENTS › Part II - Specific Provisions › Section 24VAC30-91-140 - Surety and fees

Current through Register Vol. 40, No. 24, July 15, 2024
A.
				  Policy. Except as otherwise provided herein, the developer shall provide surety
				  to guarantee the satisfactory performance of the street, a maintenance fee to
				  offset the department's maintenance costs, and an administrative cost recovery
				  fee to recover the department's costs associated with the review of subdivision
				  plans, the inspection of new subdivision streets, and the administrative
				  processing of the acceptance of new streets as determined in this section. All
				  surety and fees collected under this section shall be based on the date of the
				  local governing body's request and the aggregate mileage of new subdivision
				  streets in that request, rounded up to the next tenth. In the event of
				  extenuating circumstances beyond the developers control, the commissioner or
				  his designee may waive all or a portion of any of the surety and
				  fees.
B. Surety.
1. Type of surety and expiration. An
				  acceptable surety, in accordance with this section, shall be provided by the
				  developer to guarantee the satisfactory performance of the street for a period
				  of one year from the date of its acceptance into the secondary system of state
				  highways. In the event the developer fails to provide surety or any of the fees
				  described in this section within the 30-day period following the local
				  governing body's request for the department to accept the maintenance of a
				  street, the department's previous final inspection of the street shall be
				  considered void and a new inspection shall be required. Surety may be in the
				  form of a performance bond, cash deposit, certified check, irrevocable letter
				  of credit, third party escrow account, or other form mutually satisfactory to
				  the department and the developer. Under no circumstances shall the department
				  or any agency of the Commonwealth be named the escrow agent nor shall funds
				  deposited with the department as surety be subject to the payment of
				  interest.
2. Alternatives to
				  surety.
a. In jurisdictions where the staff
				  of the governing body administers a comprehensive subdivision construction
				  inspection program that has been approved by the department, the surety may be
				  waived upon certification by the governing body that the proposed addition has
				  been constructed in accordance with approved plans and
				  specifications.
b. If requested by
				  the developer and subject to availability of departmental personnel, VDOT may
				  perform the construction inspection of subdivision streets proposed to be added
				  to the secondary system of state highways. In such cases, the developer shall
				  bear all costs incurred by the department and the surety shall be
				  waived.
3. Amount of
				  surety. Surety shall be calculated at the rate of $2,000 per lane per tenth
				  mile of street, or portion thereof, to be accepted by the department for
				  maintenance as part of the secondary system of state highways.