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DCRA Publishes Notice on Form of Binding Pledge Agreement for Green Building Act

Monday, November 26, 2012

DCRA Publishes Notice on Form of Binding Pledge Agreement for Green Building Act

Pledge Applies to Private 50,000 Square Feet Construction Projects

Pursuant to section 6 of the Green Building Act of 2006, effective March 8, 2007 (D.C. Law 16-234; D.C. Official Code § 6-1451.05), as amended and any implementing regulations (the “Green Building Act”), a financial security must be provided by any applicant governed by section 4(a) of the Green Building Act (D.C. Official Code § 6-1451.03(a)).  

As more fully set forth in the Green Building Act and regulations promulgated thereunder, the financial security can take the form of either: (1) cash deposited in an escrow account in a financial institution in the District in the name of the applicant  and the District; (2) an irrevocable letter of credit from a financial institution authorized to do business in the District; (3) a bond secured by the applicant; or (4) a binding pledge that within two years of receipt of the certificate of occupancy the applicant will fulfill or exceed the current edition of the LEED standard for commercial and institutional buildings at the certified level.

This Notice provides the form of the Binding Pledge Agreement deemed to satisfy the binding pledge requirement of the Green Building Act and regulations promulgated thereunder.

The Binding Pledge Agreement must be recorded as a covenant between the property owner  and the District in the District’s land records and shall bind the property owner  and any successors in title to pay any fines levied.

Questions regarding this Notice can be addressed to Mr. Rabbiah Sabbakhan, the Chief Building Official at Rabbiah.Sabbakhan@dc.gov.

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