Discussion and possible action to authorize County staff to draw the necessary funds in an amount up to $4,641,494.88 from the amended standby Letter of Credit No. SBP702794 (International Bank of Commerce) as required to complete pending public road improvements required by the final plat of the Gateway Unit 1 Subdivision in the event that, on or before December 6, 2024, the developer fails to either: 1) complete the final improvements as required by the final plat approval of the Gateway Unit 1 Subdivision plat; or 2) provide a reasonable time extension to the financial guarantee.

Issue: Item is a regulatory compliance matter of the Subdivision Regulations and State law.  In lieu of completion of public improvements triggered by plat requirements at the time of the Court’s final approval, a developer may submit a financial guarantee to ensure the completion of those pending improvements.  Time extensions to financial guarantees are authorized by the Subdivision Regulations.  The current financial guarantee expires December 6, 2024. Since an extension has not been filed, this item has been placed for the court’s authorization to draw the funds.

Solution: Drawing the funds will allow the County to ensure completion of public improvements and compliance with Subdivision Regulations and State law.

Result: Subdivision Regulations and State law requirements will be met.

Item is a regulatory compliance matter of the Subdivision Regulations and State law.  In lieu of completion of public improvements triggered by plat requirements at the time of the Court’s final approval, a developer may submit a financial guarantee to ensure the completion of those pending improvements.  Time extensions to financial guarantees are authorized by the Subdivision Regulations.  The current financial guarantee expires December 6, 2024.
Since an extension has not been filed, this item has been placed for the court’s authorization to draw the funds.
 

Webb County Commissioners Court issued preliminary and final plat approval on December 12, 2022.  Plat was subsequently recorded in Vol. 40, Pgs. 70-71 of the Webb County Plat Records.