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ii. The development agreement may require the developers to provide an irrevocable letter of credit in favor of the City. The letter of credit shall be provided by a financial institution licensed in the state and acceptable to the City. The City may require that certain provisions and conditions of the development agreement be stated in the letter of credit. The letter of credit shall be in an amount sufficient to ensure the provision or development of improvement called for by the development agreement. h. As directed by the City, documents related to the PUD shall be recorded against the property. 4. Time Limit a. A PUD shall be validated by the applicant through the commencement of any necessary construction or establishment of the authorized use(s), subject to the permit requirements of Title 9 of this Code, in support of the PUD within one(1)year of the date of PUD Final Plan approval. Failure to meet this deadline shall render the PUD Final Plan approval void. Notwithstanding this time limitation,the City Council may approve extensions of the time allowed for validation of the PUD approval if requested in writing by the applicant; extension requests shall be submitted to the Community Development Department and shall identify the reason(s)why the extension is necessary along with an anticipated timeline for validation of the PUD. b. An application to reinstate a PUD that was voided for not meeting the required time limit shall be administered in the same manner as a new PUD beginning with a PUD Concept Plan [The prerequisite for a previous PUD Sketch Plan submittal shall not apply,but the required open house in 1023.09(C)must be held]. 1023.10: PUD AMENDMENTS Approved PUDs may be amended from time to time as a result of unforeseen circumstances, overlooked opportunities, or requests from a developer. At such a time,the applicant shall make an application to the City for a PUD amendment. A. Existing PUD Overlay Districts Amendments for approved PUD Overlay Districts shall be processed as one of the following: 1. Administrative Amendment The Community Development Department may approve minor changes in the location, placement, and height of buildings if such changes are required by engineering or other circumstances,provided the changes conform to the approved Overlay District intent and are consistent with all requirements of the PUD ordinance. Under no circumstances shall an administrative amendment allow additional stories to buildings,additional lots,or changes to designated uses established as part of the PUD. An Administrative Amendment shall be memorialized in a letter signed by the Community Development Director and recorded against the PUD property. Page 13 of 15