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77 application to amend the PUD shall be treated as a new zoning application. Upon acceptance • of a complete application, the Planning Commission shall hold a hearing as set forth in Section 115 of this Code. Any changes shall be recorded as amendments to the recorded copy of the final development plan. Subd. 3. Provisions of Original District Apply. All of the provisions of the Chapter applicable to the original district within which the planned unit development.district is established shall apply to the amended PUD District except as otherwise provided in approval of the final plan. The effective date of the PUD shall be after: (a) Approval of the PUD amendment and text, and (b) Publication of the ordinance. Subd. 4. Review. If substantial development has not occurred within a reasonable time after approval of the PUD zoning district, the City Council may instruct the Planning Commission to initiate rezoning to the original zoning district. It shall not be necessary for the City Council to find that the rezoning was in error. Subd. 5. Formal Review Periods. Within the PUD agreement,the City may schedule formal City Council review periods on an annual or five (5)year basis to ascertain that actual development on the site meets the conditions of the approved PUD. 1655.08 Phasing and Guarantee of Performance. Subd. 1. Comparison with Approved Development Schedule. The Planning Commission shall compare the actual development accomplished in the various PUD zones with the approved development schedule. Subd. 2. Extension of Limits of Development Schedule. Upon recommendation of the Planning Commission and for good cause shown by the property owner, the City Council may extend the limits of the development schedule. Subd. 3. 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. Subd. 4. Performance-Bond. A performance bond or letter of credit shall be required to guarantee performance by the developer. The amount of this bond or letter of credit and the specific elements of the development program that it is intended to guarantee will be • stipulated in the development agreement.