In all zone districts:
A. The Manager may require, or the applicant may request and the Manager may agree, that the City and the applicant enter into a Development Agreement related to an application to ensure that the proposed development or related\ improvements, amenities, conditions, or other matters are completed as required at the time of approval of an application as required by this UDC or other plans, policies, regulations of the City.
B. A Development Agreement may include the parties agreement on any matter related to the proposed development or related improvements, amenities, conditions, or other matters, including without limitation, the timing and phasing of development or improvements and the duration of any vested rights beyond the time period stated in Section 7.5.412 (Vested Rights), that are within the City's authority pursuant to the City's Charter, applicable ordinances, and the provisions of state and federal law.
C. A Development Agreement may include the following information, as applicable:
1. The project, property, and improvements covered by the Development Agreement;
2. The term or duration of the Development Agreement;
3. The specific date or event after which an improvement becomes a required improvement;
4. The requirement for an assurance to be posted by the date an improvement is required to be completed, as well as the amount of each required assurance;
5. The specific or determinable date or event when each required improvement must be completed;
6. The conditions under which draws on or against the assurance will be permitted in the absence of a default, and any administrative costs that must be paid when draws are taken;
7. Any other terms and conditions the parties determine are appropriate in light of the nature of the project and the types of obligations included in the Development Agreement and the following events of default;
a. The Manager determines that an improvement was not completed by the improvement completion date;
b. An assurance is not posted by the date an improvement becomes required; and
c. The entity issuing the assurance fails to deliver the funds to the City within fourteen (14) days of the date the Manager certifies that an improvement was not constructed by the improvement completion date.
D. Development Agreements shall be approved by the Manager following referral to any City departments or agencies whose facilities, services, or duties are affected by the content of the proposed Development Agreement. (Ord. 23-03)