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City of Arden Hills Chapter 13 Zoning Code 2. The development agreement may provide for several bonds covering separate aspects of the PUD the aggregate of which shall total one hundred twenty -five (125) percent of all the improvements to be constructed and completed by the applicant pursuant to the approved PUD Final Plan. In this case, each bond required by the development agreement shall be filed no later than sixty (60) days after PUD Final Plan approval. It may also require guarantee bonds in the penal sum of one hundred (100) percent of the cost of completed improvements, as estimated by the City Engineer to guarantee such improvements for whatever lengths of time are specified therein. The release of any bond or any portion thereof shall either be governed by the terms and provisions of the development agreement or shall be based upon the recommendation of the City Engineer or City Planner and approval by the City Council. 3. If the applicant fails to enter into a development agreement and to file the corporate surety bond with ,die administrator by the expiration of the sixty day period, the PUD Peit, Final Plat (if any) and approved PUD Final Plan shall be deemed yd =nullified and revoked unless an extension is requested in writing by.he applicant and for good cause granted by the City Council. E. Park and Open Space Dedict3:on and Covenants. 1. To ensure that an open space, recreational areas, common areas and the like: tt are::,proposed to be owned and maintained by a homeowners' as lion, business improvement district, or other similar association ''are properly maintained for their approved uses, the City Council ii* that the applicant execute and grant to the City easements mitt covenants over such areas within sixty (60) days after the City Council i ns made such requirements. 2. If the applicant fails to execute the open space easements and covenants and to file the same with the administrator by the expiration of the sixty (60) day period, the PUD Permit, Final Plat, if any and Final Plan shall be deemed to be void, nullified and revoked unless an extension has been required in writing by the applicant and for good cause granted by the City Council. 1320.14 Planned Unit Development (PUD) Overlay District. Subd. 1 General Purpose. The Planned Unit Development (PUD) District promotes the development of land in a unified manner by treating the entire development as a single entity and relaxing the strict application of standard zoning and subdivision requirements in exchan e for a sro'ect that better forwards the oafs and u ose of the City's Comprehensive Plan. The purpose of the PUD process is to achieve a higher Section 1320 District Provisions Adopted: November 13, 2006 Page 55 of 65