(A) Comparison with approved development schedule. The Planning Commission shall compare the actual development accomplished in the various portions of the PUD 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 developer, 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 they find 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, they shall forward this information to the City Council for action.
(D) Security. A letter of credit in form acceptable to the city shall be required to guarantee performance by the developer. The amount of the letter of credit and the specific elements of the development program that it is intended to guarantee will be stipulated in the PUD agreement.
(Prior Code, § 152.207)