Ord 2004-092 - Laserfiche WebLink

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Chapter 1 Development Procedures - Article 6. Platting Procedures years and (B) authorizes the City to draw upon the letter of credit by presenting to the issuer only a sight draft and a certificate signed by an authorized representative of the City attesting to the City's right to draw funds under the letter of credit; (3) A construction funding agreement under which funds for the construction of the required improvements are escrowed in Texas with an office of a state or national bank, under which (A) the City has the irrevocable right to withdraw funds, and (B) the subdivider may be permitted to draw funds to make payments towards the construction of the improvements as progress is verified; or (4) A first and prior lien on the property. (b) Amount and Acceptability. The security shall be issued in the amount of 125% of the cost estimate approved by the Engineering Director for all public improvements associated with the subdivision. The security shall be subject to the approval of the City Attorney. (c) Security for Construction in Extraterritorial Jurisdiction. Where the land to be platted lies within the extraterritorial jurisdiction of the City, the security shall be in a form and contain such terms as are consistent with the interlocal agreement between the City and the county in which the land is located. In cases where the requirements governing the form and terms of the security are defined in such an agreement, they will supersede any conflicting provisions of subsections (a) and (b). (d) Partial Release. If, in the opinion of the Planning Director and Engineering Director, the public improvements have commenced in good faith, a release for construction on up to five percent of the residential lots may be issued. A lot must have permanent street access installed to it prior to this release. (e) Remedies. In addition to all other remedies authorized in Article 3, Division 7 of this Chapter 1, where a subdivision improvement agreement has been executed and security has been posted and required public improvements have not been installed in accordance with the terms of the agreement, the City may: (1) Declare the agreement to be in default and require that all the public improvements be installed regardless of the extent of completion of the development at the time the agreement is declared to be in default; (2) Obtain funds under the security and complete the improvements itself or through a third party; or (3) Assign its right to receive funds under the security to any third party, including a subsequent owner of the development in exchange for the City of San Marcos, Texas Land Development Code - Final 1-112 t ~ ,