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x <br /> SUBDIVISIONS <br /> rn <br /> C. The plans conform to the environmental standards, 5. Provisions for securing the obligations of the agreement <br /> development standards, and standards for adequate public consistent with Section 3.4.3.1 below;and <br /> facilities contained in this Development Code; and <br /> 6. Such other terms and conditions as are agreed to by the <br /> D. The plans conform to the specifications contained in the City's property owner and City,or as may be required by this <br /> adopted technical manuals,standards and guidelines. Development Code. <br /> Section 3.4.1.5 Expiration Section 3.4.2.2 Covenants to Run with the Land <br /> A. Expiration.Public improvement construction plans shall expire The subdivision improvement agreement shall provide that the <br /> two years from the date of approval if no progress has been covenants contained in the agreement run with the land and bind all <br /> made towards completion of the project as defined by the successors, heirs and assignees of the property owner.All existing <br /> Texas Local Government Code Chapter 245. lienholders shall be required to execute the agreement or provide <br /> written consent to the covenants contained in the agreement.The <br /> DIVISION 2: SUBDIVISION IMPROVEMENT AGREEMENT City shall deliver a release to bona fide third party purchasers of <br /> individual lots when all required public improvements have been <br /> Section 3.4.2.1 Obligations under Agreement accepted by the City. <br /> Whenever public improvements to serve the development are Section 3.4.2.3 Security For Completion of Improvements <br /> deferred until after final subdivision plat or final development plat <br /> recordation,the property owner shall enter into a subdivision Whenever the obligation to install public improvements to serve a <br /> improvement agreement by which the owner covenants to subdivision or development is deferred until after recordation of the <br /> complete all required public improvements, including residential final subdivision plat or final development plat,the property owner <br /> lot improvements for drainage or erosion control, and common shall provide sufficient security to ensure completion of the required <br /> area or parkland improvements, no later than two years following public improvements.The security shall be in the form of one of the <br /> the date upon which the final subdivision plat or final development following: <br /> plat is approved and recorded.The agreement shall be subject to A. A cash escrow with the City; <br /> review and approval by the City Attorney,and shall be approved and <br /> executed by the City Manager with approval of the final subdivision B. An irrevocable letter of credit drawn upon a state or national <br /> plat or final development plat. Upon execution,the agreement shall bank that has a regular business office in the State of Texas <br /> be filed in the applicable county of record and shall contain the that(A) is of a term sufficient to cover the completion, <br /> following provisions: maintenance and warranty periods, but not less than two years <br /> and (B)authorizes the City to draw upon the letter of credit <br /> 1. Covenants to complete the improvements; by presenting to the issuer only a sight draft and a certificate <br /> 2. Covenants to warranty the improvements for a period of signed by an authorized representative of the City attesting to <br /> one year following acceptance by the City; the City's right to draw funds under the letter of credit; <br /> 3. Covenants to provide security in a form authorized under C. A construction funding agreement under which funds for the <br /> Section 3.4.2.3 for maintenance in the amount of twenty construction of the required improvements are escrowed in <br /> (20) percent of the costs of the improvements for such Texas with an office of a state or national bank, under which (A) <br /> period; the City has the irrevocable right to withdraw funds,and (B)the <br /> subdivider may be permitted to draw funds to make payments <br /> 4. Provisions for participation in the costs of the towards the construction of the improvements as progress is <br /> improvements by the City, if authorization has been verified; <br /> obtained from the City Council, and a performance bond <br /> for such improvements from the contractor,with the City D. A first and prior lien on the property; <br /> as a co-obligee; <br /> Adopted April 17,2018 San Marcos Development Code 3:11 <br />