Ord 2013-035/Amending Chapters 1 through 8 of the Land Development Code to implement the changes made through Ord 2013-16 which adopted the comprehensive plan

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Subpart B - LAND DEVELOPMENT CODE Chapter 1 - DEVELOPMENT PROCEDURES ARTICLE 6: - PLATTING PROCEDURES DIVISION 6: - CONSTRUCTION MANAGEMENT (2) Covenants to warranty the improvements for a period of one year following acceptance by the City; (3) Covenants to provide a maintenance bond in the amount of 20 percent of the costs of the improvements for such period; (4) Provisions for participation in the costs of the improvements by the City, if authorization has been obtained from the City Council, and a performance bond for such improvements from the contractor, with the City as a co- obligee; (5) Provisions for securing the obligations of the agreement consistent with Section 1.6.6.4; and (6) Such other terms and conditions as are agreed to by the property owner and City, or as may be required by this Land Development Code. (b) Covenants to Run with the Land. The subdivision improvement agreement shall provide that the covenants contained in the agreement run with the land and bind all successors, heirs and assignees of the property owner. All existing lienholders shall be required to execute the agreement or provide written consent to the covenants contained in the agreement. The City shall deliver a release to bona fide third party purchasers of individual lots when all required public improvements have been accepted by the City. (( )id ",l) 200(3 4 "5 § 13 9 19 0(33 );:;)rah I ",lo. 2010 49, § 3, 9 7 10) Section 1...6 „6„ 4 ,,. Security for Completion of Illirmmlpirovern int (a) Security. Whenever the obligation to install public improvements to serve a subdivision or development is deferred until after approval of the Final Subdivision Plat or Final Development Plat, the property owner shall provide sufficient security to ensure completion of the required public improvements. The security shall be in the form of one of the following: (1) A cash escrow with the City; (2) An irrevocable letter of credit drawn upon a state or national bank that has a regular business office in the State of Texas that (A) is of a term sufficient to cover the completion, maintenance and warranty periods, but not less than two 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; (4) A first and prior lien on the property; (5) A performance bond submitted to the City by a surety company holding a license to do business in the State of Texas and providing a date for completion of the required public improvements. (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). San Marcos, Texas, Code of Ordinances Page 94