Financial Assurances

Financial assurances may be required by the Minnehaha Creek Watershed District (MCWD) to cover potential liabilities. These include the cost of installing and maintaining protective measures as described in the permit, as well as the cost of addressing damage that results from permit noncompliance.  For more information, refer to the full Financial Assurances Rule
   


FINANCIAL ASSURANCE AMOUNTS

RULE

ACTIVITY/PROJECT AREA

SURETY REQUIREMENT

Erosion Control

 

up to 1 ac (43560ft2)

none

>1 ac to 5 ac

$1,500

>5 ac to 10 ac

$2,500

> 10 ac

$3,500 +$200/ac over 10 ac

Wetland Protection

Wetland alteration

$5,000 +$1,000/ac to a maximum of $15,000

Dredging

Dredging

An amount equal to the cost of the project

Shoreline & Streambank Stabilization

Shoreland or streambank improvement (e.g., riprap, sandblankets, retaining walls, boat ramps, etc.)

$5,000 or the total number of feet of shoreline impacted multiplied by $100

 

An individual or entity may submit a single form of surety in the amount of $25,000 to cover all permit applications under the Dredging and Shoreline Rules submitted in the District in one year.

Stormwater Management for Land Development Projects

Sites requiring ponds

$20,000 per acre foot of dead volume

Following a District inspection of the project and a determination that it is completed according to the terms of the permit and District rules, the financial assurance will be released.

 


FINANCIAL ASSURANCE TYPES

Letters of Credit

Performance Bonds

Cash Escrow (Check)