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a development agreement which may include but not be limited to all requirements of the open space PUD Final Plan. ii. The development agreement may require the developers to provide an irrevocable letter of credit in favor of the City. The letter of credit shall be provided by a financial institution licensed in the state and acceptable to the City. The City may require that certain provisions and conditions of the development agreement be stated in the letter of credit. The letter of credit shall be in an amount sufficient to ensure the provision or development of improvement called for by the development agreement. h. As directed by the City, documents related to the PUD shall be recorded against the property. 4. Time Limit a. A Planned Unit Development shall be validated by the applicant through the commencement of construction or establishment of the authorized use(s), subject to the permit requirements of this Code, in support of the Planned Unit Development within one (1) year of the date of open space PUD Final Plan approval by the City Council. Failure to meet this deadline shall render the open space PUD Final Plan approval void. Notwithstanding this time limitation, LThe City Council may approve extensions for validation of the PUD of up to one (1) year if requested in writing by the applicant; extension requests shall be submitted to the Director of Planning and shall identify the reason(s) why the extension is necessary along with an anticipated timeline for validation of the Planned Unit Development. b. An application to reinstate an open space PUD that was voided for not meeting the required time limit shall be administered in the same manner as a new open space PUD beginning at open space PUD Preliminary Plan. § 154.662 OPEN SPACE PUD AMENDMENTS. Approved open space PUDs may be amended from time to time as a result of unforeseen circumstances, overlooked opportunities, or requests from a developer or neighborhood. At such a time, the applicant shall make an application to the eCity for an open space PUD amendment. A. Amendments to Existing Open Space PUD Overlay District(s) Amendments to an approved open space PUD Overlay district shall be processed as one of the following: 1. Administrative Amendment The Director of Planning may administratively approve minor changes to an approved Open Space PUD if such changes are required by engineering or other circumstances, provided the changes conform to the approved overlay district intent and are consistent with all requirements of the open space PUD ordinance. Under no circumstances shall an administrative amendment allow additional lots, or changes to designated uses established as part of the PUD. An Aadministrative Aamendment shall be 19