7A, PC 09-011, Master Planned Unit Development

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3. Phase III will include the construction of a retail building on a portion of Lot 4, Block ~, Arden Plaza Redevelopment. 3.0 City Planning Commission Review and Recommendations. On the 3rd day of June, 2009, at a public hearing, the City Planning Commission considered the Arden Plaza Application, the reports and comments of the City's staff and consultants, reports and comments of the applicant, and other public comments; and, subject to conditions, recommended approval of: The PUD-Master Plan for the Property; the Final Plat for the Property; and the PUD-Final Plan for Phase I of the Redevelopment Project. 4.0 City Council Review. On the ~3th day of July, 2009, the City Council reviewed the Arden Plaza Application, the reports and recommendations of the City's staff and consultants; the reports and requests of Arden Plaza; and the recommendations of the City Planning Commission; and approved the PUD-Master Plan for the Property; the Final Plat of the Property; the PUD-Final Plan for Phase I of the Redevelopment Project; all subject to the terms and conditions contained herein. 5.0 Terms and Conditions. In consideration of the City's development approvals; in compliance with the City's development regulations; and in consideration of the undertakings expressed herein, the parties agree: A. PUD-Master Plan. ~. Arden Plaza shall apply for and obtain building permits for Phase I of the Redevelopment Project no later than July ~3, 20~0 or, at least forty-five (45) days prior to such date, shall request an extension of time to obtain building permits for Phase I. Failure to either obtain building permits or request an extension within the required time periods means that any redevelopment of the area included in Phase I may require an amendment to the PUD-Master Plan and shall require compliance with the City's then current development regulations. 2. Arden Plaza shall apply for the PUD-Final Plan for Phase II of the redevelopment project no later than July ~3, 20~2 or, at least forty-five (45) days prior to such date, shall request an extension of time to apply for the PUD-Final Plan for Phase II of the Redevelopment Project. Failure to apply for either and approval or an extension within the required time periods means that any redevelopment of the area included in Phase II shall require an amendment to the PUD-Master Plan and the redevelopment of the area included in Phase II shall comply with the then current City regulations. Arden Plaza shall provide yearly updates to the City at the end of each year regarding the status of future phases. 3