2007-055-ORD-Amending section XIII of Ordinance No. 1315

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ORDINANCE N0. 2007-055 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, AMENDING SECTION XIII OF ORDINANCE N0. 1315, THE SUBDIVISION REGULATIONS OF THE CITY OF PARIS, TO ADD PROVISIONS PERMITTING OWNERS OR DEVELOPERS TO POST FINANCIAL SECURITY TO GUARANTEE CONSTRUCTION OF PUBLIC IMPROVEMENTS TO SUBDIVISIONS IN LIEU OF ACTUALLY COMPLETING THE CONSTRUCTION OF THOSE IMPROVEMENTS AS A CONDITION TO APPROVAL OF THE FINAL MAP OR PLAT OF THE SUBDIVISION; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN EFFECTIVE DATE. WHEREAS, Section XIII of the City's Subdivision Regulations requires developers to complete all public improvements (water, sewer, curb and gutter, streets, etc.) before they can obtain final plat approval and a building permit for their project; and, WHEREAS, this process is not conducive to private development as it delays commencement of construction and completion of the over-all project; and, WHEREAS, this process can also cause financing problems for developers as often they are unable to obtain their financing for their proj ect prior to final plat approval and issuance of a building permit by the City; and, WHEREAS, many cities in Texas allow developers to put up financial security with the City to guarantee completion of the public improvements to obtain plat approval at an earlier stage of the development process; and, WHEREAS, City planning and development staff recommends that Section XIII of the City's Subdivision Regulations be amended to allow owners or developers to enter into a Subdivision Improvement Agreement with the City and to post financial security in the form of cash deposit, letter of credit or surety bond with the City to guaxantee construction and completion of public improvements associated with their projects; WHEREAS, the City Council hereby finds and determines that it is in the best interest of the City and its citizens to amend Section XIII of the Subdivision Regulations to allow owners and developers to enter into a Subdivision Improvement Agreement with the City and to post financial security with the City to guarantee construction of public improvements associated with their private development projects. NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS: Section 1. That the findings set out in the preamble to this ordinance are hereby in all things approved.