If you are a property developer intending to commence a social housing development, the relevant local authorities require you to provide bonds to secure the cost of completing the necessary infrastructure. Particularly in relation to the roads and sewers.
Development Bonds are to ensure that the planning conditions as set out for the specific development, are met. It is the policy of the local authority to ensure that all bonds remain in place until the development is completed to the satisfaction of the planning authority, as per the condition of planning.
Why get a Development/Infrastructure Bond
- For the developer, it is a part of the planning conditions when undertaking a project for social housing developments.
- It protects the client in the event the developer fails to complete the development to the required standard.
Beneficiaries of a Development Bond
- Local Authority
- Irish Water
- Two years of consolidated audited accounts.
- Up-to-date management accounts.
- Details of banking and borrowing facilities.
- Copy of the planning permission.
- Advise who your contact is in the county council.