(A) All common open space, upon mutual agreement of the applicant and the City, shall be either conveyed to the City or conveyed to a not-for-profit corporation or entity established for the purpose of benefiting the owners and residents of the PUD or adjoining property owners by providing perpetual maintenance of all lands in common within the PUD; or guaranteed by a restrictive covenant describing the open space and its maintenance and improvement and running with the land for the benefit of the residents of the PUD or adjoining property owners or both.
(B) The construction and maintenance of all public facilities and improvements which are a part of a PUD shall be bonded for in accordance with the Subdivision Regulations, and approved prior to the recording of the final development plan. Such bonding shall also be required for private drives that provide ingress or egress for more than one structure.