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TOWN OF TRUCKEE <br /> California <br /> ORDINANCE 2017-09 <br /> AN UNCODIFIED ORDINANCE REGARDING THE SUBDIVISION IMPROVEMENT <br /> AGREEMENT SECURITY REQUIREMENTS FOR THE COBURN CROSSING PROJECT <br /> WHEREAS, Section 18.108.040 of the Truckee Municipal Code addresses subdivision <br /> improvement agreements, including the types and amounts of security to be provided by <br /> subdividers in connection with such agreements; and <br /> WHEREAS, Section 18.108.040 requires a subdivider to furnish security in the amount <br /> of 125% of the engineer's estimated cost for subdivision improvements, in order to secure <br /> performance of the subdivider's improvement obligations, as well as security in the same <br /> amount to secure payment for the materials and labor furnished as part of the subdivision <br /> improvements; and <br /> WHEREAS, the Town's security requirements exceed those allowed by state law, and <br /> exceed the amounts necessary to protect the Town; and <br /> WHEREAS, it will be necessary to amend Section 18.108.040 of the Municipal Code <br /> to bring it into conformance with state law, but any amendments to Title 18 of the Development <br /> Code are required to be considered by the Planning Commission prior to consideration by the <br /> Town Council; and <br /> WHEREAS, the Town Council has approved the execution of a subdivision <br /> improvement agreement with the developers of the Coburn Crossing hotel and apartment <br /> project, and have required the developers to furnish security based upon the existing provisions <br /> of Section 18.108.040; and <br /> WHEREAS, consideration and adoption of an ordinance amending Section <br /> 18.108.040 cannot be completed quickly enough to avoid the application of the current <br /> excessive security requirements to the Coburn Crossing developers; and <br /> WHEREAS, the Town Council wishes to provide relief from the current excessive <br /> security requirements to the Coburn Crossing developers in anticipation of the future adoption of <br /> an ordinance amending Section 18.108.040 to reduce such requirements; <br /> The Town Council of the Town of Truckee Does Ordain as Follows: <br /> • <br /> Section 1. Notwithstanding the provisions of subsection C of Section 18.108.040 of the <br /> Truckee Municipal Code, the security furnished by Triumph Truckee Hotel, LLC or any <br /> successor in interest as a party to a subdivision improvement agreement with the Town for the <br /> project currently known as Coburn Crossing and bearing Parcel Map No. 2017-00000102 shall <br /> either consist of: (i) a bond securing performance of the subdivider's obligations under the <br /> subdivision improvement agreement, in an amount equal to 125% of the estimated cost of the <br /> improvements included within such obligations, plus a bond securing payment for the <br /> subdivider's obligations, in an amount equal to 62.5% of the estimated cost of the improvements <br /> included in such obligations; or (ii) a cash deposit or letter of credit in the amount of 125% of the <br />