NC H602

Authorizes cities to require performance guarantees from property owners applying for demolition permits on industrial properties or historically industrial properties.

Performance guarantees may be in the form of surety bonds, letters of credit, or equivalent security, with the owner choosing the type in coordination with the city.

Guarantees must not exceed 125% of the reasonably estimated demolition and removal costs, and extensions are capped at 125% of remaining completion costs.

Guarantees must be returned or released promptly upon city acknowledgment that demolition and removal is complete, and must be extended if current guarantee expires before completion is finished.

Prohibits requiring performance guarantees for demolition of residential property and restricts guarantee use solely to completion of demolition and material removal.