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<br />t <br /> <br />.- <br /> <br />I <br /> <br />Chapter 1 Development Procedures - Article 6 Platting Procedures <br /> <br />Subdivision Plat or Final Development Plat is approved. The agreement shall be <br />subject to review and approval by the City Attorney, and shall be approved by the <br />Planning and Zoning Commission with approval of the Final Subdivision Plat or <br />Final Development Plat. The agreement shall contain the following provisions: <br /> <br />(1) Covenants to complete the improvements; <br /> <br />(2) Covenants to warranty the improvements for a period of two years following <br />acceptance by the City; <br /> <br />(3) Covenants to provide a maintenance bond in the amount of 100% of the costs <br />of the improvements for such period; <br /> <br />(4) Provisions for participation in the costs of the improvements by the City, if <br />authorization has been obtained from the City Council, and a performance <br />bond for such improvements from the contractor, with the City as a co- <br />obligee; <br /> <br />(5) Provisions for securing the obligations of the agreement consistent with <br />Section 1.6.6.4; and <br /> <br />(6) Such other terms and conditions as are agreed to by the property owner and <br />City, or as may be required by this Land Development Code. <br /> <br />(b) Covenants to Run with the Land. The subdivision improvement agreement shall <br />provide that the covenants contained in the agreement run with the land and bind all <br />successors, heirs and assignees of the property owner. All existing lienholders shall <br />be required to execute the agreement or provide written consent to the covenants <br />contained in the agreement. The City shall deliver a release to bona fide third party <br />purchasers of individual lots when all required public improvements have been <br />accepted by the City. <br /> <br />Section 1.6.6.4 <br /> <br />Security for Completion of Improvements <br /> <br />(a) Security. Whenever the obligation to install public improvements to serve a <br />subdivision or development is deferred until after approval of the Final Subdivision <br />Plat or Final Development Plat, the property owner shall provide sufficient security to <br />ensure completion of the required public improvements. The security shall be in the <br />form of one of the following: <br /> <br />(1) A cash escrow with the City; <br /> <br />(2) An irrevocable letter of credit drawn upon a state or national bank that has a <br />regular business office in the state of Texas that (A) is of a term sufficient to <br />cover the completion, maintenance and warranty periods, but not less than two <br /> <br />City of San Marcos, Texas <br /> <br />1-111 <br /> <br />Land Development Code - Final <br />