Laserfiche WebLink
35 <br />LA515\1\1066805.v2 <br />1. At its sole discretion, the City may, as a condition of approval, <br />require the owner and developer of the proposed PUD to execute a <br />development agreement that may include but not be limited to all <br />requirements of the PUD final plan. <br />2. The development agreement may require the developers to provide <br />an irrevocable letter of credit in favor of the City. The letter of credit <br />shall be provided by a financial institution licensed in the state and <br />acceptable to the City. The City may require that certain provisions <br />and conditions of the development agreement be stated in the letter <br />of credit. The letter of credit shall be in an amount sufficient to <br />ensure the installation or development of all improvements called <br />for by the City and outlined in the development agreement. <br />7. As directed by the City, the applicant or developers shall record with <br />Washington County all documents related to the PUD against the property. <br />4. Time limit. <br />1. A planned unit development shall be validated by the applicant through the <br />commencement of construction or establishment of the authorized uses, <br />subject to the permit requirements of this Code, in support of the planned <br />unit development within one (1) year of the date of PUD final plan approval <br />by the City Council. Failure to meet this deadline shall render the PUD final <br />plan approval void. Notwithstanding this time limitation, the City Council <br />may approve time extensions for validation of an approved PUD of up to <br />one (1) year if requested in writing by the applicant; extension requests shall <br />be submitted to the Planning Director and shall identify the reasons why the <br />extension is necessary along with an anticipated timeline for validation of <br />the planned unit development. <br />2. The City shall administer and process an application to reinstate a PUD that <br />was voided for not meeting the required time limit for validation and <br />implementation in the same manner as a new PUD beginning at PUD <br />preliminary plan. <br /> <br />SECTION 21. Effective Date. This ordinance shall become effective immediately upon adoption <br />and publication in the official newspaper of the City of Lake Elmo. <br /> <br />