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6 <br /> Sub&. 3. Provisions of Original District Apply. All of the provisions of the zoning district within <br /> which the PUD is established shall apply to the amended PUD except as otherwise provided in <br /> approval of the Final Development Plan. The effective date of the PUD shall be after: <br /> (a) Approval of the PUD amendment and text and Final Development Plan. <br /> (b) Publication of the ordinance. <br /> Subd. 4. Review. If substantial development has not occurred within a reasonable time after <br /> approval of the PUD,the City Council may instruct the Planning Commission to initiate rezoning <br /> to the original zoning district. It shall not be necessary for the City Council to find that the <br /> rezoning was in error. <br /> Subd. 5. Formal Review Periods. Within the PUD Agreement,the City may schedule formal <br /> City Council review periods on an annual or less frequent basis to ascertain that actual <br /> development on the site meets the conditions of the approved PUD. <br /> 1655.08 Phasing and Guarantee of Performance. <br /> Subd. 1. Comparison with Approved Development Schedule. The Planning Commission shall <br /> compare the actual development accomplished in the various portions of the PUD with the <br /> approved development schedule. <br /> Subd. 2. Extension of Limits of Development Schedule. Upon recommendation of the Planning <br /> Commission and for good cause shown by the Developer, the City Council may extend the <br /> limits of the development schedule. <br /> Subd. 3. Construction Rates of Dwelling and Open Space. The construction and provision of <br /> all of the-common open space and public and recreational facilities which are shown on the. .... <br /> Final Development Plan must proceed at the same rate as the construction of dwelling units, if <br /> any. The Development Review Committee shall review all of the building permits issued for the <br /> PUD and examine the construction which has taken place on the site. If they find that the rate of <br /> construction of dwelling units is greater than the rate at which common open spaces and public <br /> and recreational facilities have been constructed and provided, they shall forward this. <br /> information to the City Council for action. <br /> Subd. 4. Securijy. A letter of credit in form acceptable to the City shall be required to <br /> guarantee performance by the Developer. The amount of the letter of credit and the specific <br /> elements of the development program that it is intended to guarantee will be stipulated in the <br /> PUD Agreement. <br /> -4- <br />