(A) Comparison with approved development schedule. The Planning Commission shall compare the actual development accomplished in the various PUD zones with the approved development schedule.
(B) Extension of limits of development schedule. Upon recommendation of the Planning Commission and for good cause shown by the property owner, the City Council may extend the limits of the development schedule.
(C) Construction rates of dwelling and open space. The construction and provision of all of the common open space and public and recreational facilities which are shown on the final development plan must proceed at the same rate as the construction of dwelling units, if any. The Development Review Committee shall review all of the building permits issued for the PUD and examine the construction which has taken place on the site. If it finds that the rate of construction of dwelling units is greater than the rate at which common open spaces and public and recreational facilities have been constructed and provided, it shall forward this information to the City Council for action.
(D) Performance bond. A performance bond or letter of credit shall be required to guarantee performance by the developer. The amount of this bond or letter of credit and the specific elements of the development program that it is intended to guarantee will be stipulated in the development agreement.
(1997 Code, § 25.12) (Ord. passed 11-14-1994; Am. Ord. passed 2-25-2002)