If the Planning Commission finds that a special permit for a planned unit development should issue, it shall fix the amount of a bond to be filed by the owner of the development site with the City Clerk, and by him or her approved, prior to issuance of the permit. The bond shall be executed by the owner and by a corporate surety authorized to do business in the state. The bond shall be payable to the city to reimburse the city for any damage the city may sustain in the event the owner, his or her successors, or assigns shall fail to construct and maintain the planned unit development, or any part thereof, in compliance with the requirements of this article, and with the covenants, conditions, and restrictions required under this article to be recorded, including, but not limited to, reasonable expense the city may incur, whether by or without litigation, in obtaining, or attempting to obtain, compliance by the owner, his or her successors, and assigns, with this article and with such covenants, conditions, and restrictions. The condition of the bond shall be that the owner, his or her successors, and assigns shall construct and maintain the planned unit development in compliance with the requirements of this article, as amended, and with the covenants, conditions, and restrictions recorded with the Register of Deeds as required by such article; otherwise, the bond shall remain in full force and effect.
(Ord. 3639, passed - -2000)