In those cases wherein the town has no participation in the development costs and the developer has either received bids or negotiated for the development construction, the following requirements shall be met:
(A) All plans for construction of sewer, water, storm drainage and paving shall be approved by the Town Engineer. These plans shall include a signed statement signifying the developer’s agreement to complete all improvements shown thereon, and a developer agreement shall be executed.
(B) Letters of consent to the platting and improvements shall be submitted by all lienholders and other parties having rightful claim of ownership or easement to the property.
(C) If easements are needed outside of the plat boundaries, the executed dedication instruments shall be submitted prior to final plat approval.
(D) The developer shall file security prior to final plat approval by one of the following methods:
(1) Performance bond. Filing with the Town Engineer a bond executed by a surety company holding a license to do business in the State of Texas and acceptable to the town, in an amount equal to the cost of the improvements required by this chapter and within the time for completion of the improvements as estimated by the Town Engineer. The performance bond shall be approved as to form and legality by the Town Attorney.
(2) Trust agreement. Placing a deposit with a bank or trust company in the name of the town, in a trust account in an amount equal to the estimated cost of all site improvements required by this chapter, the cost and time of completion as approved by the Town Engineer. Selection of the trustee shall be executed on the form approved as to form and legality by the Town Attorney. Periodic withdrawals may be made from the trust account for a progressive payment of installation cost. The amounts of such withdrawals shall be based upon progress work estimates and approved by the Town Engineer. All such withdrawals shall be approved by the trustee.
(3) Letter of credit. Filing with the Town Engineer a letter, on a form approved by the Town Attorney, signed by the principal officer of a local bank or local federally insured savings and loan association or other financial institution; acceptable to the town, agreeing to pay the town on demand, a stipulated sum of money to apply to the estimated cost of installation of all improvements for which the developer is responsible under this chapter. The guaranteed payment sum shall be estimated costs and scheduling as approved by the Town Engineer. The letter shall state the name of the subdivisions and shall list the improvements the developer is required to provide.
(E) The developer shall furnish a certificate from a competent attorney setting forth the title and ownership of the land as shown by the survey and correct legal description. A reliable abstract company title certificate and title policy setting forth the same information may be accepted in lieu thereof.
(Ord. 353, passed 7-10-2013)