(a) After the submission of the Final Development Plan, the Planning Commission shall schedule a public hearing at which time the Commission shall consider the Final Development Plan for the recommendation of approval to City Council. The public hearing shall be noticed pursuant to the method set forth in Section 1141.07(b). The public hearing on the Final Development Plan may be continued from time to time without further notice.
(b) After consideration of the Final Development Plan submitted, and the input from any comments by the public, the Planning Commission shall vote to determine whether to recommend to City Council the approval of the Final Development Plan. The approval of the Final Development Plan shall be pursuant to the affirmative vote of a minimum of four members of the Planning Commission.
(c) Upon the recommendation of the approval of the Final Development Plan, the Planning Commission, within ten days of the public hearing, shall issue its recommendation for approval of the Final Development Plan to City Council. The Clerk of Council shall cause the recommendation for approval to be placed on the Agenda of the City Council at the next regularly scheduled meeting.
(d) In the event that City Council approves the Final Development Plan, the Clerk of Council shall notify the developer of such action by regular U.S. mail. Within fifteen days thereafter, the developer shall post a surety bond or cash bond with the Clerk of Council conditioned upon the requirement that the developer shall within one (1) year, or a longer period of time upon the affirmative vote of four (4) members of Council, commence construction of the development. In the event that the developer fails to commence construction within the applicable time period, the principal of the bond shall be forfeited as liquidated damages.
(e) The bond to be posted by the developer shall be as follows:
Estimated Cost of Development Amount of Bond
Up to $500,000.00 $5,000.00
$500,000.00 to $1,000,000.00 $10,000.00
Above $1,000,000.00 $25,000.00
(f) In lieu of surety bond, the developer may deposit a cash bond in like required amount. The bond shall be released upon the completion of three-quarters (3/4) of the development.
(Ord. 2012-14. Passed 3-20-12.)