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DRAFT <br />develop�nent agreement with the C�t}� and a corporate surety bond <br />guaranteeing the faithful pe�ormar�ce of the appl�car�t's o�ligatians under <br />said develo�me�t agreerrlent, and in complet�on of ali imprQveme�ts <br />provided for in said PL�D Fi�a� Flan in a pena� sum equ�l to one hundred <br />twenty-�ve (125� perce�� of the cost of such impraveme�nts as estima�ed <br />by the City Engineer, vvhic� agreement a�d bond shali be filed with the <br />admir�istrator no �ater than t��rty (3Q) days after such requrrement has been <br />made by the C�ty Council. In the even� the ap�licant has fai�ec� �a enter <br />i�to said agreement and to file the same a�ong �vith said bond �vi�h the <br />administrator by the expiration of sard th�r�y-c��:y p��od, the PUD Permit, <br />Finai Flat (if any} and approved �inai Plan ��ali b� deemed void, nulli�ed <br />and revoked unless an extension is req�estec� � wr�tir�g by the app�icant <br />and for good cause granted by �l�e ��ty Co����I. T�e deve�op�nent <br />agree�nent �nay pro�ide for s�vera� b�nds covering ��parate aspects of the <br />PUD, t�e aggregate of which ��a�1 total one hundre�. �wenty-�ve (125} <br />percent of all the imp�-ovements to be constructed and car�p�etec� by t�e <br />ap��icant pursuant to ��ie app�o�:ed ��nal ��an, ir� vvh�ch �a�e eaeh said <br />bond �-equired by �uch de�ela��ent agreemen� shal� be filed along <br />therewith �vithin the period above �ta�ed. �t may alsa require guarantee <br />bands in the pe��� sum o� one hund�'ed (140) percent of the cost of <br />completed imprave�en�s, as estima�ed l�� t�e City Engineer ta guara�tee <br />sueh improvemer�ts ��r wh����:er lengths of ���� are speci�ed therein. T�e <br />release of any bond or �n� pa���� thereof ��a�l either be governed by the <br />terms and provis�ons af su�� deve����r�.ent agreement or sha11 be based <br />upon �he recommendati�� of the C��y Engineer or City Planner and <br />��proval t�e��of by the Clt� �ounei�. <br />C��en S�ace : Easements �.�d Covenants. �'o assure the �ity of the <br />contin�ed main�e�ane� 4� - any open space, recreational areas, common <br />areas and t�e �ike whic�i are proposed to be owned anc� maintained by a <br />�c��eawners� association ta be forn�ed by the applican� �and that said <br />area.s� w�1I nQ� �� c�evoted to purposes other than those for wh�ch they <br />were or�ginal�y ���ended, t�e City Counci� may require a� t�e time of its <br />approva� of the P�D F�nal P�ar� or its approval of any �na� plat required <br />thereb}�, whichever is Iater, that the applicant execu�e and grant ta the c�ty <br />. open space easements and covenants, approved by the C�ty �ounc�� at the <br />���ne such requirer�ent is made, �vhich sha�l be ��ed by the app��cant <br />��thin thirty (3Q) da}�s after the �ity Counci� has made sue� requ�rements. <br />' In the event the app�icant �ias fai�ed to execute said Q�en space easemer�ts <br />and eovenants ancl to �1e t1�e same with the ad�ninistra�or by the ex�iratian <br />of said thirty-day p�riad, the PUD Permi�, Fina� Flat, �f ar�y and Final Plan <br />sha11 be deemed to be void, nullified anc� revoked unless an extension has <br />been required in vvriting by the ap�licant �nd for good eause granted �y <br />�he City Counc��. <br />DRAFT: 3/1 Q/20� 0 <br />Page 14 0� 14 <br />