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shall prepare a proposed Development Contract in accordance with <br />the specificatiou8 of this chapter. The proposed development <br />coutract along with the applicaut's site plan/building design <br />plan and Englueer*s review aha1! be forwarded to the Plauuiug <br />Commission. <br /> <br />The Planning Commission shall review the site plan/building <br />design plan application. After said review, the Planning <br />Commission shall adopt findings of fact and shall make a <br />recommendation for approval or denial to the City Council. <br /> <br />The City Council shall review the application , adopt findings of <br />fact related to it and either approve or deny the application. <br />The Council may, as a condition of approval, require certain <br />addltioual conditions in either the proposed development <br />agreement or the site/building design plan. The City Council*s <br />final action on the application shall be the City's final action <br />on the application. <br /> <br />Development Contract <br /> <br />Prior to approval of the site/building design plan application <br />and prior to construction of any required site improvements, the <br />applicant shall enter into a contract with the City. This <br />contract shall require the applicant to construct all <br />improvements on the site at the applicant*s sole expense and in <br />accordance with City plans and specifications. <br /> <br />Said contract shall also provide that the City will be reimbursed <br />for all costs incurred by the City for engineering and legal fees <br />and other expenses in connection with the processing and <br />administration of the application. The performance of said <br />contract shall be financially secured by a cash escrow deposit or <br />other security as hereinafter set forth. In addition, the <br />contract shall provide that the applicant agrees to permit the <br />City to enter the site and complete any City-required <br />improvements which the applicant fails to complete. The contract <br />shall also provide that it is binding on all heirs, assigns, and <br />successors of the applicant. A copy of the contract shall be <br />kept on file as part of the permanent record of the site and a <br />copy shall be recorded at the Anoka County Recorder's Office. <br /> <br />To ensure that the site is developed in accord with the approved <br />plans and City specifications, the applicant shall provide a cash <br />escrow, certificate of deposit, letter of credit from an <br />acceptable financial institution or performance bond. The <br />financial security shall be in an amount which equals 150I of the <br />Estimated construction cost of all required City improvements (as <br />estimated by the City Engineer) as outlined in this chapter <br />exclusive of the cost of the actual building(s) to be constructed <br />on the site. The financial security required herein may be used <br />by the City to install or complete any of the City's required on- <br />site improvements which the applicant fails to complete. Upon <br />final aproval by the City Engineer certifying that all on-site <br />improvements have been completed in accordance with the <br />development a~reement and City standa~rds, the financial security <br /> <br /> <br />