Requirements for Use of Irrevocable Letter of Credit
In lieu of giving the city a monetary deposit for a Temporary Certificate of Occupancy, an Irrevocable Letter of Credit may be submitted per the following:
- The original permit fee needs to be at least $35,000.
- The attached letter format (DOC/31kb/1p) MUST be followed.
- Bring completed letter from the bank to One Stop Shop, 7447 E. Indian School Rd., Scottsdale, AZ 85251; open 8:00a.m. to 5:00p.m. M,T,TH,F and 9:00a.m. to 5:00p.m. WED.
- Responsible party will be required to fill out and sign Temp Electric/Temp C of O application. The City retains the original letter from the bank and provides the responsible party with a copy.
- Temp applications and cash transmittal will reflect amount AND state that the letter of credit is being used.
- Paperwork is reviewed by the PNT Chief Development Officer and may be sent to the City's Legal Department for review.
- Upon acceptance, Inspections will schedule the necessary inspections. Please factor approximately three (3) working days for review and acceptance of the letter.
- Upon final approvals of project (final C of O or Shell letter), the PNT Chief Development Officer will issue a letter stating bank can release funds.