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<br />permit with the City. Development Permits of Administrative Site Plan Review shall be <br />approved administratively bv the Zoning Administrator. Development Permits for Full Site Plan <br />Review shall be approved bv Council bv motion.. This permit shall require the applicant to <br />construct all improvements on the site at the applicant's sole expense, unless otherwise approved <br />by City Council, and in accordance with City plans and specifications. The Developer shall sign <br />the permit and deposit any required escrow with the City prior to receipt of any building permits <br />and will complete all improvements permitted by the Development Permit within one year of the <br />date of site plan approval unless otherwise approved by Council. Thereafter, the Council may <br />extend the period upon written application by the Developer, subject'to applicable performance <br />conditions and requirements, or the Council may require submission of a new site plan <br />application. <br /> <br />Said contract shall reaffIrm that the City will be reimbursed for all costs incurred by the City for <br />processing and administration of the application. <br /> <br />To ensure that the site is developed in accord with the approved plans and City specifications, <br />the applicant shall provide a cash escrow, certificate of deposit, letter of credit from an <br />acceptable financial institution, performance bond, or pledge and payment. The financial <br />security shall be in an amount which equals 150% of the estimated construction cost of all <br />required City improvements (as estimated by the City Engineer) as outlined in this chapter <br />exclusive of the cost of the actual buildi~g(s) to be constructed on the site. The financial security <br />required herein may be used by the City to install or complete any of the City's required on-site <br />improvements in the event the applicant fails to do. so. Upon request by the applicant, the City <br />may release the financial security in partial payments on a pro rata basis as the various on-site <br />improvements are completed to the satisfaction of the City Engineer. Upon final approval by the <br />City Engineer certifying that all on-site improvements have been completed in accordance with <br />the development agreement and City standards, the remaining financial security shall be released <br />to the applicant. The permit shall also provide that it is binding on all heirs, assigns, and <br />successors of the applicant. A copy of the permit shall be kept on file as part of the permanent <br />record of the site. <br /> <br />6 <br />