How will Lookout Ridge receive Final Plat approval from the City of Whitefish without the dry utility work and water/sewer infrastructure already fully in place in the development?
The City of Whitefish is also concerned that buyers of real estate be protected from investing in projects that have not yet completed infrastructure. Before the City will issue a Final Plat on ANY Phase of any project, the infrastructure must already be in place at the time of purchase OR the infrastructure must be “bonded” for completion by a financial institution or organization that stands behind the development. This is commonplace for real estate Projects in many other areas of the country where sales can and often do occur ahead of infrastructure completion. In lieu of infrastructure completion, a “bond” that is issued by a qualified institution to the City of Whitefish for Final Plat Approval essentially provides the City with a funded guarantee that all necessary infrastructure work will be completed in a timely and professional manner. Typically, the “Bond Issuer” will pledge an Irrevocable Letter of Credit (ILOC) to the City for approximately 125 percent of the costs anticip
