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k. If the application is approved by the city council, the city administrator, <br /> <br />following the city council's action upon the application, shall prepare <br /> <br />development court, act to be entered into by,the applicant with and for the city. <br />The development contract shall include a performance agreement, as to approved <br />site improvements, and supporting financial guarantee, in an amount to <br /> <br />be determined by the city, that the subject property will be constructed, <br /> <br />developed and maintained in conformance withthe plans, specifications and <br /> <br />standards. Acceptable financial instruments include cash escrow, <br /> <br />certificate of deposit, letter of credit f~om a financial institution, <br /> <br />and performance bond. A detailed cost breakdown of site improvements <br /> <br />is required. A copy of the contract shall be kept on file as part of the <br /> <br />permanent record of the applicant and a copy shall be recorded as part of <br /> <br /> at ~he Anoka County Registrar of Deeds Office. <br /> <br />the deed of the property~ at the applicant's expense. If the business <br /> <br />is sold, any new owners(s) shall automatically become responsible and liable <br /> <br />for all terms and conditions of said development contract. <br /> <br />CONDITIONS AND,'RESTRICTIONS. <br /> <br />The planning commission'may recommend and the city council may impose such <br /> <br />conditions and restrictions as deemed necessary to protect the public interest <br /> <br />and to Secure Compliance With the ~equi~ements of the ordinance. <br /> <br /> <br />