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s <br /> SUBDIVISIONS <br /> rn <br /> amount of the reimbursement shall be subject to review (including design, permits, reviews and approvals, <br /> and approval by the Responsible Official. inspections and any additional land acquisition that <br /> may be needed).The determination of the escrow <br /> B. Escrow Policies and Procedures amount shall be made as of the time the escrow is <br /> 1. Request for Escrow.Whenever this Development Code due hereunder, and shall be subject to the review and <br /> requires a property owner to construct a street, road or approval of the Responsible Official. <br /> thoroughfare, or other type of public improvement,the b. Termination of escrow. Escrows,or portions of <br /> property owner may petition the City to construct the escrowed amounts,which have been placed with the <br /> improvement at a later time, in exchange for deposit of City under this Section and which have been held for <br /> escrow as established below, if unusual circumstances a period of ten years from the date of such payment <br /> exist, such as a timing issue due to pending improvements or agreement, in the event that the City has not <br /> by another agency such as TXDOT or the county,that authorized the preparation of plans and specifications <br /> would present undue hardships or that would impede for construction of such roadway facilities for which <br /> public infrastructure coordination or timing. If more than the escrow was made, shall, upon written request, <br /> one street, road or thoroughfare must be constructed in be returned to the property owner or applicant who <br /> order to meet adequacy requirements for roadways,the originally paid the escrow amount, along with one-half <br /> Responsible Official may prioritize roadways for which of its accrued interest.Such return does not remove <br /> escrow is to be accepted and require the deposit of all any obligations of the property owner for construction <br /> funds attributable to the development in escrow accounts of the required facilities if a building permit has not <br /> for one or more of the affected roadways.The Responsible been issued on the subject Lot(s) or if application for <br /> Official shall review the particular circumstances involved a new building permit(s) is made. <br /> and may require a traffic impact analysis.The Responsible <br /> Official shall determine whether or not provision of escrow c. Refund. If any street, road, highway or thoroughfare <br /> deposits will be acceptable in lieu of the property owner's for which escrow is deposited is constructed by <br /> obligation to construct the street or thoroughfare. a party other than the City, or is reconstructed by <br /> another governmental authority at no cost to the <br /> 2. Escrow Deposit with the City.Whenever the City Council City,the escrowed funds and accrued interest shall <br /> agrees to accept escrow deposits in lieu of construction be refunded to the property owner or applicant who <br /> by the property owner,the property owner shall deposit in originally paid the escrow amount upon written <br /> escrow with the City an amount equal to the owner's share request and after completion and acceptance of the <br /> of the costs of design,construction, permits, reviews and public improvements. In the event that a portion of <br /> approvals, inspections,any additional land acquisition, the cost is borne by the City and the other portion of <br /> and an appropriate(and realistic) inflation factor to ensure the cost by another party or governmental authority, <br /> that the actual"future dollar" costs will be covered when the difference between the property owner's actual <br /> actual construction occurs in the future.This amount shall proportionate cost and the escrowed funds, including <br /> be reviewed and approved by the Responsible Official, accrued interest, if any, shall be refunded after <br /> and shall be paid prior to recording of the final plat.The completion and acceptance of the improvements. <br /> obligations and responsibilities of the property owner <br /> shall become those of the property owner's transferees, d. Interest limitation.If money is refunded within six <br /> successors and assigns; and the liability therefore shall be months of deposit, only the principal will be refunded. <br /> joint and several. Monies returned after this date will be refunded with <br /> one-half of its accrued interest. <br /> a. Determination of escrow amount.The amount of <br /> the escrow shall be determined by using comparable <br /> "turnkey"costs for construction of the improvements <br /> Adopted April 17,2018 San Marcos Development Code 3:23 <br />