Waterford Township, Erie County

"At the time of issuance of approval for the construction of the PSES, the owner shall provide financial security in the form and amount acceptable to the municipality and in favor of the municipality, to secure its obligations under this Ordinance. i. The PSES developer shall, at the time of the zoning application, provide the municipality with an estimate of the cost of performing the decommissioning activities required herein. The solar project owner shall provide financial security of 110% of the estimated cost of decommissioning. The estimate may include an estimated salvage and resale value, discounted by a factor of 10%. The decommissioning cost estimate formula shall be: gross cost of decommissioning activities minus 90% credit of salvage and resale value equals the decommissioning cost estimate. ii. On every 5th anniversary of the date of providing the decommissioning financial security, the PSES owner shall provide an updated decommissioning cost estimate, utilizing the formula set forth above with adjustments for inflation and cost and value changes. If the decommissioning security amount increases, the PSES owner shall remit the increased financial security to the municipality within 30 days of the approval of the updated decommissioning security estimate by the municipality. If the decommissioning security amount decreases by greater than 10%, the municipal owner shall release from security any amounts held in excess of 110% of the updated decommission cost estimate. iii. Decommissioning security estimates shall be subject to review and approval by the municipality, and the PSES developer/owner shall be responsible for administrative, legal, and engineering costs incurred by the municipality for such review. iv. The decommissioning security may be in the form of cash deposit, surety bond, irrevocable letter of credit, cashier’s check, or escrow amount from a federal or Commonwealth chartered lending institution in the amount of 110% of the total proposed decommission cost estimate and in a form satisfactory to the municipality and their solicitor. v. Prior to final approval of any plans for a PSES, the PSES developer shall enter into a decommissioning agreement with the municipality outlining the responsibility of parties under this agreement as to the decommissioning of the PSES."