(A) The city shall review the development agreement at least once every 12 months. The developer shall demonstrate good faith compliance with the terms of the agreement by submitting an annual report to the Community Development Director in March of each year describing in detail how the provisions of the development agreement have been met during the preceding year. The annual report shall be filed on a form designated by the city, and the agreement shall provide that failure to file such an annual report amounts to a default under the agreement.
(B) The Community Development Director shall determine and report to the City Council, on the basis of the annual report and any supplemental information, whether the property owner has for the period of the review complied in good faith with the terms of the agreement. The City Council shall review the evidence and accept, modify or reject the Community Development Director’s recommendation. If the City Council determines that the developer has not complied in good faith with the terms and conditions of the agreement during the period under review, the City Council may amend or cancel the agreement pursuant to § 17.87.300.
(`78 Code, § 17.87.310.) (Ord. 2140 § 1 (part), 1992.)